SPX Closes Higher, Nearing All-time Closing High...Real Estate, Utilities, Energy Lead Sectors...

© 2024

The SPX +26.41, 5,214, opened flat, traded higher and closed higher, 40 points below its March 28 all-time high.  Fed comments from Mary Daly participated in a moderated discussion at George Mason University today and made observations consistent with remarks by Fed Chair Powell in his May 1 FOMC press conference. 

Thursday’s Earning reactions: 

EPAM -67.27, -26.99%, CPAY -21.28, -6.99%, and ABNB -10.85, -6.87%, gapped down after earnings were released Thursday BMO or Wednesday AMC and were the three largest decliners in the SPX today.  RBLX -8.61, -22.06%, cratered after a revenue miss and downbeat guidance Thursday BMO.

NVDA -16.65, -1.84%, 887.47, opened slightly higher, traded down and closed lower.

SPX EPS Q1 First day reaction results:  Between Wed April 10 and Sat May 4, 2024, 410 SPX companies reported earnings.

135 up 1% or more = 32.9%

100 neutral, between .99% to -.99% = 24.4%

175 down, -1 or less = 42.7%

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

SPY up 2.98 at 520.17 on 43.5 million shares, below average volume day

VIX down .31 at 12.69

QQQ up .96 at 441.02

HD, CAT, GS, AMGN led the DJIA, 25 advancers, +4

EQIX, NRG, STE, UHS led the SPX, 415 advancers 

CEG, BKNG, TTD, WBD led the NDX, 69 advancers

Up:  IWM, DIA, SPY, QQQ,

Down: 

Ten of eleven sectors were higher on Thursday, led by XLRE, XLU and XLE.

The SPY MFC green line is pointed up at 73.5 and is short-term bullish.

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

Neutral sectors:  XLY, XLK, XLV, XLRE,

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: Up

69 of 100 NDX stocks closed higher on Thursday.

53 NDX stocks are above their 30 DMA:  AZN, GOOGL, KDP, XEL, PEP, AEP, EXC, MDLZ, PANW, PDD, MRNA, CCEP, MCHP, TXN, NXPI, TSLA, BIIB, COST, AMGN, TTD, VRSK, AAPL, ADI, AMZN, MELI, ON, QCOM, REGN, ADBE, AMAT, BKNG, CEG, CRWD, CTAS, INTU, KLAC, NVDA, FANG, GFS, HON, NFLX, SNPS, VRTX, AVGO, TMUS, ADP, BKR, CSGP, IDXX, ISRG, MNST, MSFT, PAYX,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 8

ADP, BKR, CSGP, IDXX, ISRG, MNST, MSFT, PAYX,

Moving Below 30 DMA = 2

CHTR, MU,

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