SPX Gaps Down, Rallies to Fill the Gap, Closes Flat...Utilities, Financial, Technology Lead Sectors...VST Leads SPX...

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The SPX -0.03, 5,187, gapped down, bounced, filled the gap and closed near unchanged.  Fed comments from Kashkari, Jefferson, Collins and Cook added opinions on monetary policy to assist with intraday fluctuations in the SPX.  VST replaces PXD in SPX and leads the index on its first day.

Wednesday’s Earning reactions: 

UBER -4.03, -5.72%, BR -10.90, -5.41%, and MTCH -1.69, -5.36%, gapped down after earnings were released Tuesday AMC and Wednesday BMO and were the three largest decliners in the SPX.  SHOP -14.32, -18.59%, cratered after an earnings and revenue beat Wednesday BMO.

NVDA -1.42, -0.16%, 904.12, opened lower, trended up 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 META, MSFT, AAPL rose and NVDA, AMZN, GOOGL, TSLA fell on Tuesday.

SPY up .05 at 517.19 on 41.9 million shares, below average and lightest volume day of 2024

VIX down .23 at 13.00

QQQ down .26 at 440.06

AMGN, BA, JPM, CSCO led the DJIA, 21 advancers, +1

VST, ANET, GL, EMR led the SPX, 245 advancers 

DDOG, CEG, AMGN, VRTX led the NDX, 45 advancers

Up:  DIA, SPY,

Down:  QQQ, IWM,

Three of eleven sectors were higher on Wednesday, led by XLU, XLF and XLK.

The SPY MFC green line is pointed up at 63.6 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

45 of 100 NDX stocks closed higher on Wednesday.

47 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, CHTR, FANG, GFS, MU, HON, NFLX, SNPS, VRTX, AVGO, TMUS,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

AVGO, TMUS,

Moving Below 30 DMA = 8

ADP, CPRT, CSGP, EA, ISRG, PAYX, PYPL, TTWO,

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