SPX Forms Hammer, Poised for Bull Flag Bounce...Utilities, Communications Services, Basic Materials Lead Sectors...NCLH, CEG Leads SPX on Positive Earnings Reactions...

© 2024

The SPX +8.65 opened flat, traded in a range on lighter volume, rallied in the last two hours of trading to form a hammer in a bull flag price pattern. 

NCLH +3.16, +19.84%, CEG +22.54, +16.92%, on Tuesday led the SPX on positive earnings reactions.

PANW +11.97, +3.95%, continued to recover from Wednesday’s -29% gap down on lowered guidance.  Over the past four days PANW has recovered +20.1%.

After-hours: A +6.45, +4.87%, FSLR +6.91, +4.77%, AXON +12.18, +4.48%, EBAY +1.85, +4.17%, SPX components that rose on positive earnings reaction

PCE inflation report Thursday at 8:30 am ET BMO.

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

SPY up .94 at 506.93 on 48.7 million shares, below average volume, closed higher on lower volume. 

VIX down .31 at 13.43

QQQ up 1.05 at 437.60

DIS, HD, TRV, AAPL led the DJIA, 16 advancers, +11

NCLH, CEG, CCL, AZO, ALB led the SPX, 313 advancers 

CEG, TTD, AEP, PANW led the NDX, 51 advancers

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

Up:  IWM, QQQ, SPY,

Down:  DIA,

Nine of eleven sectors were up on Tuesday, led by XLU, XLC and XLB

The SPY MFC green line turned up at 91.1 and is short-term bullish.

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

Neutral sectors:  XLU, XLE,

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: Sideways

51 of 100 NDX stocks closed higher on Tuesday.

66 NDX stocks are above their 30 DMA:  CTAS, ROST, COST, ISRG, REGN, AVGO, META, SPLK, ADP, ADSK, NVDA, AMZN, DASH, LRCX, MSFT, NFLX, CDNS, ORLY, AMAT, ASML, CDW, FAST, INTU, KLAC, PCAR, ABNB, SNPS, CEG, CSX, DLTR, ODFL, IDXX, NXPI, GEHC, PAYX, SBUX, ON, QCOM, TTD, EA, FANG, AEP, CTSH, MAR, CCEP, EXC, TMUS, TXN, AMD, ANSS, CPRT, CRWD, DDOG, FTNT, MDB, MU, AZN, BKR, CSGP, VRTX, LULU, MRVL, TSLA, ZS, MNST,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

MNST,

Moving Below 30 DMA = 3

HON, ROP, WDAY,

Add Comments here: