SPX Closes Slightly Higher forms Spinning Top...Materials, Utilities, Consumer Staples Lead Sectors...DDOG, BLDR, DIS Down after Tuesday BMO earnings...

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The SPX +6.96, 5,187, opened slightly higher, traded in a range and formed a spinning top today.  Fed speak by Kashkari correlated with intraday fluctuations in the SPX.

NVDA -15.86, -1.72%, 905.54, opened lower, traded in a range and closed lower.

Tuesday’s Earning reactions: 

DDOG -14.57, -11.48%, BLDR -38.26, -19.05%, and DIS -11.08, -9.51%,

gapped down after earnings were released before the market open on Tuesday.

DIS was the DJIA‘s largest decliner, BLDR was the SPX’s largest decliner and DDOG was the NDX’s largest decliner.

NVDA -15.86, -1.72%, 905.54, opened lower, traded in a range 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 GOOGL, META, AAPL, AMZN rose and MSFT, NVDA, TSLA fell on Tuesday.

SPY up .57 at 517.14 on 52.3 million shares, below average volume

VIX down .26 at 13.23

QQQ up .07 at 440.32

MRK, DOW, V, UNH led the DJIA, 20 advancers, -0

FMC, IFF, KVUE, FIS led the SPX, 326 advancers 

GFS, CCEP, ODFL, VRSK led the NDX, 56 advancers

Up:  IWM, SPY, DIA, QQQ,

Down: 

Eight of eleven sectors were higher on Tuesday, led by XLB, XLU and XLP.

The SPY MFC green line is pointed up at 52.7 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

56 of 100 NDX stocks closed higher on Tuesday.

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, PYPL, AMGN, TTD, VRSK, AAPL, ADI, AMZN, MELI, ON, QCOM, REGN, ADBE, AMAT, BKNG, CEG, CRWD, CTAS, EA, INTU, KLAC, NVDA, CHTR, CPRT, CSGP, FANG, GFS, ISRG, MU, TTWO, ADP, HON, NFLX, PAYX, SNPS, VRTX,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 6

ADP, HON, NFLX, PAYX, SNPS, VRTX, 

Moving Below 30 DMA = 7

ABNB, AVGO, DDOG, MDB, MRVL, MSFT, TMUS,

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