SPX Closed Lower After a New All-time Intraday High on a Positive In line PCE Inflation Report at Core Y/Y 2.6%...

© 2024

The SPX -22.39, 5,460, opened slightly higher, after the PCE report was in line with consensus forecast of a Core PCE Y/Y drop of -.02% to 2.6%, traded in a wide range, made a new intraday all-time high of 5,523 and a selloff and closed lower.  The SPX closed above 5,400 for the twelfth day.

SPY down 2.15 at 544.22, 76.1 million shares, above average volume.

VIX up .86 at 16.09

QQQ down 2.50 at 479.11

The SPY MFC green line is pointed down at 83.1 and is counter-trend defensive.

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

Neutral sectors:  XLV, XLRE, XLY,

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: Sideways

41 of 100 NDX stocks closed higher on Friday.

61 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, CMCSA, META, ROP, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, CPRT, KDP, AMGN, AMZN, BKR, CTSH, GILD, INTU, CSCO, DDOG, FANG, ARM, GFS, TEAM, BIIB, FTNT, CMCSA, CSX, INTC, ODFL, WDAY,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 5

CMCSA, CSX, INTC, ODFL, WDAY,

Moving Below 30 DMA = 2

GEHC, MELI,

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SPX, NDX Inch Higher in front of Friday's PCE Inflation Report...Real Estate, Consumer Discretionary, Communication Services Lead Sectors...MU Lower...After-hours: NKE Gaps Lower after Earnings...

© 2024

The SPX +4.97, 5,482, opened flat, traded in a range, and closed higher.  The SPX closed above 5,400 for the eleventh day. The NDX +0.19% closed higher. 

Futures are trading higher in evening trade as the market waits for Friday’s PCE report.  Core PCE M/M consensus forecast is 0.1% vs .02% prior and Y/Y 2.6% consensus forecast vs 2.8% prior. 

NVDA -2.41 -1.91%, 123.99, paused after a two-day bounce in a bull flag price pattern.  Truist raises price target to $140 from $128.80. 

MU -10.13, -7.12%, gapped down at the open after a beat on EPS (.62 vs .49 estimate) and revenues, but gave adjusted guidance for the fourth quarter.  Q4 EPS guidance from the company is a range of $1.00 to $1.16.  A minority of shares, approximately 6.1%, traded today leading to a supply/demand imbalance and its lower price, 30-day average volume is approximately 22.9 million shares. This indicates that 93.9% of outstanding shares held by existing shareholders did not trade. 

After-hours: NKE -11.65, -12.37%, fell after reporting EPS $0.99 beat $0.84 estimate, sales $12.6B miss 12.907B estimate,

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

SPY up .86 at 546.37, 35.0 million shares, below average volume.

VIX down .31 at 12.44

QQQ up 1.24 at 481.61

CRM, BA, AMZN, MMM led the DJIA, 17 advancers, +4

SMCI, PANW, MKC, ANET, TFX led the SPX, 286 advancers 

ZS, PANW, DDOG, ADBE led the NDX, 64 advancers

Up:  IWM, QQQ, SPY, DIA,

Down: 

Seven of eleven sectors were higher on Thursday, led by XLRE, XLY and XLC.

The SPY MFC green line is pointed down at 83.8 and is counter-trend defensive.

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

Neutral sectors:  XLV, XLRE, XLY,

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 a little

64 of 100 NDX stocks closed higher on Thursday.

58 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, CMCSA, META, ROP, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, CPRT, KDP, AMGN, AMZN, BKR, CTSH, GILD, INTU, CSCO, DDOG, FANG, ARM, GFS, TEAM, MELI, BIIB, FTNT, GEHC,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 3

BIIB, FTNT, GEHC,

Moving Below 30 DMA = 6

AZN, CCEP, KDP, MU, ODFL, TTWO,

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SPX, NDX Close Slightly Higher after a Trading Range Day...Consumer Discretionary, Communication Services Lead Sectors...After-hours: MU Lower after EPS Beat...

© 2024

The SPX +8.60, 5,477, opened flat, traded in a range, and closed higher.  The SPX closed above 5,400 for the tenth day. The NDX +0.25% closed higher but pulled back after MU reported EPS after the close. 

NVDA +0.31 +0.25%, 126.40, continued to bounce for a second day in a bull flag price pattern.  Citigroup raises price target to $150 from $126. 

AVGO +11.21, +0.71%, closed higher and is a bull flag setup.  It has a 10 for 1 stock split on July 15.

FDX +39.81, +15.53%, 296.19, after an EPS beat and positive guidance.  JPM upgraded to Overweight, raised price target to $359 from $296.  At least 15 other firms including GS, Baird, TD Cowen, Raymond James, Stifel, Well Fargo raised their price target on FDX.

After-hours: MU -11.36, -7.98%, fell after a beat on EPS and revenues, but gave a +/- adjusted guidance for the fourth quarter. The negative reaction gives an entry opportunity at a lower price after a minority of holder’s sell due to their cognitive dissonance about MU’s growth.

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

SPY up .68 at 545.51, 38.5 million shares, below average volume.

VIX down .29 at 12.55

QQQ up .99 at 480.37

AMZN, AAPL, BA, WMT led the DJIA, 13 advancers, +5

FDX, ALB, TSLA, AMZN, ALGN led the SPX, 173 advancers 

MDB, TSLA, AMZN, DDOG led the NDX, 35 advancers

Up:  QQQ, SPY, DIA,

Down:  IWM,

Two of eleven sectors were higher on Wednesday, led by XLY, XLC and XLB.

The SPY MFC green line is pointed down at 84.3 and is counter-trend defensive.

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

Neutral sectors:  XLV, XLRE, XLY,

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: Sideways

35 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA:  AZN, GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, EA, ROST, HON, CMCSA, META, ROP, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, CPRT, KDP, AMGN, AMZN, BKR, CTSH, GILD, INTU, CCEP, CSCO, DDOG, TTWO, FANG, ARM, GFS, TEAM,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

MELI, ODFL,

Moving Below 30 DMA = 7

ADI, ADP, CEG, GEHC, ILMN, PAYX, SBUX,

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SPX, NDX Clos Higher as NVDA, Mega Caps and Semiconductor Stocks Rally...Technology, Communication Services, Energy Lead Sectors...

© 2024

The SPX +21.43, 5,469, opened higher, traded in a range as Fed speakers Bowman and Cook shared their opinions and generated market fluctuation, and closed higher recovering all of Monday’s modes selloff.  The SPX closed above 5,400 for the nineth day. The NDX +1.16% closed higher due to strength in NVDA, Mega Cap and semiconductor stocks. 

NVDA +7.98, +6.76%, 126.09, bounced in a re-BO and bull flag price pattern.  BofA Securities added to Best of Breed list and reiterates price target of $150. 

AVGO -11.42, -0.72%, pulled back for a fifth day still forming a bull flag price pattern.  It has a 10 for 1 stock split on July 15. 

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

SPY up 2.09 at 544.83, 38.2 million shares, below average volume.

VIX down .49 at 12.84

QQQ up 5.42 at 479.38

CRM, MSFT, INTC, AAPL led the DJIA, 8 advancers, -14

CCL, NVDA, NCLH, RCL, HPE led the SPX, 112 advancers 

NVDA, ARM, MELI, ISRG led the NDX, 56 advancers

Up:  QQQ, SPY,

Down:  IWM, DIA,

Three of eleven sectors were higher on Tuesday, led by XLK, XLC and XLE.

The SPY MFC green line is pointed down at 87.1 and is counter-trend defensive.

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

Neutral sectors:  XLV, XLRE, XLY,

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

56 of 100 NDX stocks closed higher on Tuesday.

66 NDX stocks are above their 30 DMA:  AZN, GOOGL, TSLA, COST, TTD, VRSK, AAPL, ADI, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, EA, ROST, HON, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, CPRT, KDP, PAYX, AMGN, AMZN, BKR, CTSH, GILD, INTU, ADP, CCEP, CSCO, DDOG, TTWO, FANG, ILMN, ARM, CEG, GEHC, GFS, TEAM,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 4

CEG, GEHC, GFS, TEAM,

Moving Below 30 DMA = 2

CDW, ODFL,

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SPX, NDX Close Lower on Weakness in NVDA, AVGO & Semiconductor Stocks...Energy, Utilities, Consumer Staples Lead Sectors...Changes to SPX, NDX Take Effect...

© 2024

The SPX -16.75, 5,447, opened flat, traded in a range, formed an inverted hammer candle and closed lower.  The SPX closed above 5,400 for the eighth day. The NDX -1.15% closed lower due to weakness in NVDA, AVGO and semiconductor stocks. 

NVDA -8.46, -6.68%, 118.11, pulled back in a BO test and formed a larger red candle.  Jefferies raises price target to $150 from $135. 

AVGO -66.42, -4.00%, pulled back for a fourth day still forming a bull flag price pattern.  It has a 10 for 1 stock split on July 15. 

CRWD, GDDY, KKR replaced CMA, ILMN, RHI in the S&P 500 before the open.

ARM replaced SIRI in the Nasdaq 100 before the open.

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

SPY down 1.77 at 542.74, 45.5 million shares, average volume.

VIX up .13 at 13.33

QQQ down 6.22 at 473.96

AMGN, GS, CVX, VZ led the DJIA, 22 advancers, +5

MOS, BKR, APA, EQT led the SPX, 352 advancers 

BKR, FANG, AMGN, MDLZ led the NDX, 46 advancers

Up:  DIA, IWM,

Down:  SPY, QQQ,

Nine of eleven sectors were higher on Monday, led by XLE, XLU and XLP.

The SPY MFC green line is pointed down at 89.8 and is counter-trend defensive.

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

Neutral sectors:  XLV, XLRE, XLY,

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

46 of 100 NDX stocks closed higher on Monday.

64 NDX stocks are above their 30 DMA:  AZN, GOOGL, TSLA, COST, TTD, VRSK, AAPL, ADI, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, EA, CDW, ROST, HON, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, CDW, CPRT, KDP, PAYX, AMGN, AMZN, BKR, CTSH, GILD, INTU, ADP, CCEP, CSCO, DDOG, TTWO, FANG, ILMN, ODFL, ARM new addition to NDX, Delete SIRI from NDX

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 3

FANG, ILMN, ODFL,

Moving Below 30 DMA = 10

ANSS, CEG, CSX, DASH, GEHC, GFS, INTC, MRVL, QCOM, TXN,

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SPX Closed Lower forming a Bull Flag Price Pattern...Consumer Discretionary, Communications Services, Health Care Lead Sectors...Changes in SPX, NDX Monday BMO...

© 2024

The SPX -8.55, 5,464, opened slightly lower, traded in a range, formed a spinning top candle and closed lower.  The SPX closed above 5,400 for the seventh day. The SPY and NDX -0.26% closed slightly lower. 

NVDA -4.21, -3.22%, 126.57, pulled back in a BO test and formed a spinning top candle.  Melius Research raises price target to $160 from $125. 

AVGO -75.93, -4.38%, pulled back for a third day still forming a bull flag price pattern.  It has a 10 for 1 stock split on July 15. 

CRWD, GDDY, KKR will replace CMA, ILMN, RHI in the S&P500 before the open on June 24.

ARM will replace SIRI in the Nasdaq 100 before the open on June 24.

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

SPY down 0.73 at 547.00, ex-div 1.759, on 64.5 million shares, above average volume.

VIX down .08 at 13.20

QQQ down 1.29 at 480.18

MCD, NKE, AMZN, INTC led the DJIA, 17 advancers, -6

FDS, FMC, ETSY, CTLT led the SPX, 297 advancers 

DASH, MDB, GILD, TEAM led the NDX, 67 advancers

Up:  IWM, DIA,

Down:  SPY, QQQ,

Six of eleven sectors were higher on Friday, led by XLY, XLC and XLV.

The SPY MFC green line turned down at 93.6 and is counter-trend defensive.

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

Neutral sectors:  XLV, XLRE, XLY,

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 a little

67 of 100 NDX stocks closed higher on Friday.

71 NDX stocks are above their 30 DMA:  AZN, GOOGL, TSLA, COST, TTD, VRSK, AAPL, ADI, QCOM, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, EA, CDW, ROST, HON, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, MRVL, TSLA, ADBE, ABNB, CDW, CPRT, KDP, PAYX, CEG, AMGN, AMZN, ANSS, BKR, CTSH, GEHC, GFS, GILD, INTU, SIRI, ADP, CCEP, CSCO, CSX, DASH, DDOG, INTC, TTWO, TXN,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 9

ADP, CCEP, CSCO, CSX, DASH, DDOG, INTC, TTWO, TXN,

Moving Below 30 DMA = 1

AMD,  

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