SPX Closes Lower after Barclays Downgrades AAPL, Tech Stocks Move Lower in Sympathy...Health Care, Utilities, Consumer Staples Lead Sectors...

© 2024

The SPX -27.00, 4,742.83 opened lower after Barclays downgraded AAPL -6.89, 185.64 to underweight (sell), and lowered AAPL’s price target to 160.  Tax gain selling was likely also a factor contributing to today’s selloff.

AAPL, the SPX and NDX’s largest market cap and heaviest weighted stock, is a bellwether for the technology industry and many semiconductor and software stocks moved down in sympathy with AAPL amplifying the NDX selloff. 

NDX technology decliners included MDB, AMD, ASML, DDOG, INTC, AMAT, TEAM LRCX, GSFS, ZS, MCHP, ADSK, NXPIK, KLAC, MRVL MU, CDNS INTU, CRWD, SNPS, QCOM CDW, WDAY, ADBE, AVGO, NVDA, ANSS.

Mega caps TSLA, GOOGL, AMZN, MSFT, META, NVDA, AAPL fell on Tuesday.

SPY down 2.66 at 472.65 on 123.0 million shares, above average volume, closed lower on higher volume. 

VIX up .75 at 13.20

QQQ down 6.93 at 402.59

MRK, AMGN, VZ, UNH led the DJIA, 18 advancers, +5

MRNA, VTRS, LVS, INCY led the SPX, 259 advancers 

MRNA, BIIB, KHC, REGN led the NDX, 24 advancers.

The two-year trend term is sideways.  The one-year trend is up.

Up:  DIA,

Down:  SPY, IWM, QQQ,

Six of eleven sectors were higher on Tuesday, led by XLV, XLU and XLP.

The SPY MFC green line is turned down at 94 and is counter-trend defensive.

Uptrend sectors:   XLC, XLK, XLF, XLY, XLI, XLRE, XLB, XLE, XLV, XLP, XLU,

Neutral sectors: 

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

24 of 100 NDX stocks closed higher on Tuesday.

76 NDX stocks are above their 30 DMA:  FAST, LULU, DLTR, INTC, AEP, AMZN, CRWD, CTAS, ROST, TMUS, ASML, DXCM, KDP, AMD, HON, QCOM, KHC, LRCX, COST, CSGP, PCAR, PDD, WDAY, ZS, BKNG, INTU, MAR, ADI, IDXX, ISRG, CSX, CTSH, NXPI, PYPL, TSLA, TXN, XEL, WBD, MRNA, ADSK, TEAM, REGN, AMGN, GILD, ILMN, ON, BIIB, WBA, AVGO, CMCSA, MRVL, MU, ANSS, FTNT, GEHC, GFS, SIRI, AZN, META, VRTX, CSCO, ODFL, CCEP, CDW, SPLK, TTWO, BKR, FANG, GOOGL, MNST, ADP, MDLZ, PEP, VRSK, CHTR,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

CHTR,

Moving Below 30 DMA = 14

ABNB, AMAT, CDNS, DASH, DDOG, KLAC, MCHP, MDB, MSFT, NFLX, NVDA, PANW, ROP, TTD,

Add Comments here: