SPX Opens Higher, Closes Lower...Utilities, Consumer Staples, Financial Lead Sectors...UAL Leads SPX on Positive EPS Reaction...

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The SPX -29.20, 5,022.21, opened higher after UAL, CFG, OMC reported EPS with positive earnings reactions and reversed down after the first seventeen minutes of trading. 

Since last Friday, Middle East concerns, Powell’s comments on Tuesday regarding inflation and interest rates and today’s weakness in semiconductor and technology stocks after ASML missed earnings expectations last night have collectively weighed on the SPX, -176 points, -3.4%, since last Thursday’s close.  The 4.4% pullback since the SPX’s closing high on March 28 is the largest pullback both in time (13 trading days) and size -4.4%, it is only a modest 21% retracement of the 1,145-point 28% rally from the Oct 27 SPX low.

Thursday Q1 day 5: BMO: BX, CMA, DHI, ELV, GPC, KEY, MMC, SNA, AMC: ISRG, NFLX, PPG

First day reaction: Q1

Positive:  UAL, CFG, OMC, UNH, MS, MTB, GS, SCHW, STT, STZ = 10

Neutral:  PGR, WFC = 2

Negative:  JBHT, TRV, PLD, ASML, USB, ABT, NTRS, BAC, JNJ, PNC, BK, JPM, BLK, C, KMX, FAST, DAL = 16

UAL +7.24, +17.45%, 48.74, led the SPX after a positive earnings reaction. 

NVDA -33.80, -3.87%, 840.35, opened higher, reversed as most semiconductors (AMD, AMAT, LRCX, KLAC, SMH and more) moved lower after ASML earnings missed on EPS and revenues.

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

SPY down 2.98 at 500.55 on 75.9 million shares, average volume,

VIX down .19 at 18.21

QQQ down 5.26 at 425.84

UNH, GS, MCD, NKE led the DJIA, 11 advancers, +0

UAL, AAL, GL, DAY led the SPX, 152 advancers 

AEP, EXC, LULU, KDP led the NDX, 26 advancers

Up:   

Down:  DIA, SPY, IWM, QQQ,

Four of eleven sectors were higher on Wednesday, led by XLU, XLP and XLF

The SPY MFC green line is pointed down at 22.4 and is short-term bearish.

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

Neutral sectors:  XLV, XLRE,

Down trend sectors: 

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

26 of 100 NDX stocks closed higher on Wednesday.

11 NDX stocks are above their 30 DMA:  CTAS, AMZN, CEG, FANG, MU, AZN, GOOGL, KHC, KDP, XEL, PEP,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

PEP,

Moving Below 30 DMA = 8

AMAT, ASML, AVGO, DDOG, DXCM, LRCX, NFLX, ODFL,

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