Friday, May 3, 2024

SPX Opens and Closes Higher on a Higher Low W-pattern Reversal BO...Technology, Communication Services, Materials Lead all Sectors Higher...AMGN, AAPL Lead Indexes Higher on Positive EPS Reactions...


© 2024


The SPX +63.59, 5,127, gapped higher, traded in a range and closed +1.26% higher.  The SPX recovered all of Tuesday and Wednesday’s pullback with a higher low reversal breakout.

NVDA +29.72, +3.46%, 887.89, opened higher, trended up and closed higher.

Positive Earning reactionsAMGN +32.90, +11.82% and AAPL +10.35, +5.98%, rose after earnings.


This Week 175 SPX eps reports:

Saturday: BRK/B

First day reaction: Q1 day 16 earnings season as of Friday, May 3,
PositiveAMGN, LYV, AAPL, MSI, DLR, CPT, CTRA, CBOE, MNST, BKNG, HSY, HWM, MRNA, CHRW, APTV, QCOM, BWA, K, WRK, CTVA, ZTS, VTR, ALB, XYL, REGN, AIG, BDX, MGM, KIM, VMC, FSLR, CTSH, SO, TECH, GRMN, AMCR, DD, VRSK, PFE, EXR, AMZN, ADP, PPL, PRU, CZR, LDOS, LLY, TT, GLW, ZBRA, MMM, NXPI, ACGL, ECL, PYPL, DPZ, ON, RVTY, RMD, GOOGL, BALL, KLAC, TROW, MHK, LHX, WDC, LYB, CL, MSFT,  NEM, TYL, CARR, TER, CMG, URI, UNP, KDP, DOV, FTI, ROL, MRK, NOC, TSCO, LRCX, AAL, HES, GEV, MO, WM, TSLA, HAS, WAB, CSGP, BSX, TXN, SYF, BIIB, HLT, EQT, EQR, T, APH, IPG, GL, GE, DHR, KMB, DGX, PHM, FI, GM, PM, UPS, NEE, TFC, AXP, FITB, GPC, DFS, ELV, KMI, MMC, CMA, CCI, UAL, CFG, OMC, UNH, MS, MTB, GS, SCHW, STT, STZ = 134

Neutral:  HOLX, ED, LNT, PXD, CBRE, PRU, AMZN, GPN, PSA, PPL, MA, SYK CZR, CDW, EIX, PFE, GRMN, OKE, CTLT, NCLH, ESS, WEC, ADP, DD, INVH, COR, MAR, RSG, YUM, DAY, MDLZ, MCO, MAA, CAH, AWK, TRGP, PNW, EXC, D MRO, DVN, VICI, CHD, PWR, AFL, ZBH, EIX, PSA, CTLT, WEC, ESS, INVH, MAR, PEG, MCD, CNP, KO, WELL, EG, AEP, APD, INCY, CVX, COF, AVB, TMUS, EMN, JNPR, DOX, F, RCL, SPGI, PCG, CMS, VLO, DTE, UHS, XEL, HON, DOW, STX, AVY, TMO, V, ETR, ARE BRO, NVR, RTX, LMT, HAL, PNR, HBAN, PG, RF, CSX, DHI, KEY, PGR, WFC = 100

Negative: EXPE, FTNT, TRMB, IR, DVA, ILMN, FRT, REG, AEE, AES, EOG, SBUX, EL, CLX, KHC, ETSY, QRVO, HII, PAYC, BAX, SWK, AME, TFX, LIN, MOS, IQV, APA, CI, EBAY, PTC, MET, PH, ANSS, HST, COP, ICE, ES, IRM, ALL, CMI, VS, SBUX, SWKS, NCLH, SMCI, EL, CDW, GPN, AMD, JCI, GNRC, KHC, DAY, CLX, IDXX, BXP, YUM, COR, RSG, OKE FANG, SYK, MA, MDLZ, UDR, GEHC, TAP, MPC, FFIV, HUBB, IT, SBAC, PARA, PCAR, SYY, ADM, MLM, ETN, ITW, AMT, BEN, DXCM, INTC, FICO, AON, CINF, ABBV, VRSN, HIG, PSX, XOM, ROP, PFG, HCA, CNC, EW, RHI, CHTR, WY, AJG, FE, META, BMY, IBM, CAT, LUV, CMCSA, AOS, LH, WST, RJF, MOH, NOW, ORLY, WTW, IP, NDAQ, POOL, ALLE, GWW, ALGN, ODFL, TDY, FTV, ENPH, MAS, OTIS, GD, HUM, NSC, BG, IEX, STLD, BA, CB, TEL, CME, VLTO, BKR, LKQ, MSCI, NUE, IVZ, WRB, PKG, AMP, PEP, SHW, FCX, CDNS, VZ, NFLX, PPG, SLB, ISRG, LVS, EFX, SNA, BX, JBHT, TRV, PLD, ASML, USB, ABT, NTRS, BAC, JNJ, PNC, BK, JPM, BLK, C, KMX, FAST, DAL = 175


Mega caps AAPL, NVDA, META, MSFT, AMZN, TSLA, GOOGL rose on Friday.


SPY up 6.26 at 511.29 on 72.7 million shares, average volume
VIX down 1.19 at 13.49
QQQ up 8.58 at 435.48

AMGN, AAPL, MSFT, HD led the DJIA, 20 advancers, -1
AMGN, GEV, ENPH, LYV, FSLR led the SPX, 378 advancers 
AMGN, MELI, AAPL, CEG, ASML led the NDX, 81 advancers

Up:  QQQ, SPY, DIA, IWM,
Down

All eleven sectors were higher on Friday, led by XLK, XLC and XLB.

The SPY MFC green line is pointed up at 38.6 and is short-term bullish.

Uptrend sectors:  XLU, XLE, XLI, XLB, XLF, XLP, XLC,
Neutral sectors:  XLY, XLV, XLK,
Down trend sectors:  XLRE,

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 Trendup


81 of 100 NDX stocks closed higher on Friday.

41 NDX stocks are above their 30 DMA:  AZN, GOOGL, KDP, XEL, PEP, AEP, EXC, TMUS, MDLZ, PANW, PDD, MDB, 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,

NDX Stocks to Watch on Monday:
Moving Above 30 DMA = 10
ADBE, AMAT, BKNG, CEG, CRWD, CTAS, EA, INTU, KLAC, NVDA,


Moving Below 30 DMA = 1
DDOG,



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