SPX Gap Up, Reverse, Fill the Gap, Close Lower...NVDA Beats Expectations...All Sectors Lower...After-hours DECK, ROST Up, INTU Down...

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The SPX -39.17, 5,267, gapped up 33 points on the open, immediately reversed and started selling off.  Within 24 minutes the SPX filled the gap and consolidated near Wednesday’s close for the next three hours before breaking support and falling another 40 points.  The SPX formed a bearish engulfing pattern.

NVDA +88.49, +9.32%, 1,037.99, gapped up after a better-than-expected earnings beat, and traded as high as 1,063.  NVDA’s earnings beat on eps 6.12 vs. 5.59 estimate and revenues $26.04B vs. $24.64 estimate, raised guidance, raised its dividend to 10 cents (1 cent post-split) and declared a 10 for 1 split to take effect on June 7.

After-hours: DECK, +73.35, +8.11%, ROST +10.48, +7.95%, INTU -42.75, -6.46%, each reporting earnings after the close.

This week’s SPX earnings include PANW, NDSN, LOW, AZO, TGT, ADI, TJX, SNPS, NVDA, MDT, RL, DECK, INTU, ROST

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

SPY down 3.87 at 525.96 on 57.2 million shares, average volume.

VIX up .48 at 12.77

QQQ down 2.05 at 453.66

MRK, CVX, V WMT led the DJIA, 0 advancers, -12

NVDA, IP, RL, GE, PWR led the SPX, 54 advancers 

NVDA, PDD, SNPS, MRVL led the NDX, 18 advancers

Up: 

Down:  QQQ, SPY, DIA, IWM,

All eleven sectors were lower on Thursday, the weakest were XLY, XLU and XLRE. 

The SPY MFC green line is pointed down at 93.4 and is counter-trend defensive.

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

Neutral sectors:  XLY, 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: Down

18 of 100 NDX stocks closed higher on Thursday.

62 NDX stocks are above their 30 DMA:  AZN, GOOGL, KDP, PEP, AEP, PANW, PDD, MRNA, CCEP, MCHP, TXN, NXPI, TSLA, BIIB, COST, AMGN, TTD, VRSK, AAPL, ADI, MELI, ON, QCOM, REGN, AMAT, BKNG, CEG, CRWD, CTAS, INTU, KLAC, NVDA, FANG, GFS, HON, NFLX, SNPS, VRTX, AVGO, ADP, IDXX, ISRG, MSFT, PAYX, CHTR, MU, TSLA, ADBE, AMD, BKR, CTSH, MRVL, ROP, TMUS, TTWO, WDAY, EA, LRCX, CDW, ANSS,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 1

ANSS,   

Moving Below 30 DMA = 7

ADSK, AMZN, EXC, GILD, MDB, MDLZ, XEL,

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