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The SPX +5.89, 5,283, opened higher following Friday’s late rally, but turned down
at 10 am ET after a weaker-than-expected ISM Mfg. Index of 48.7 vs 49.8 consensus
estimate. The SPX bottomed near
midday and rallied 48 points to close higher. The NDX +0.35% closed
above the high of Friday’s long-tailed hammer. Breadth weakened on Monday.
NVDA +53.67, +4.90%, 1,150.00, opened higher, after announcing it will launch a new AI
chip platform in 2026 and BofA Securities raised its price target to $1,500 from
$1,320. Another all-time closing high for NVDA. 10 for 1 split to take effect on June 7.
This week’s SPX earnings include: BBWI, HPE CPB,
DLTR, BF/B, LULU, SJM. Also this week
CRWD
Mega caps NVDA, META, AMZN, AAPL,
GOOGL rose and MSFT, TSLA on Monday.
SPY up .43 at 527.80 on 46.8 million shares, below average volume.
VIX up .19 at 13.11
QQQ up 2.42 at 453.13
BA, MRK, AMZN, MCD led the DJIA, 13 advancers, +6
PARA, CCL, NVDA, NCLH, LUV led the SPX, 169 advancers
NVDA, ADSK, MRNA, VRTX led the NDX, 38 advancers
Up: QQQ, SPY,
Down: DIA, IWM,
Three of eleven sectors were higher on Monday, led by XLV, XLC
and XLK.
The SPY
MFC green line turned down at 83.8 and is counter-trend defensive.
Uptrend sectors: XLU, XLP,
XLC, XLK, XLI, XLF, XLB, XLE,
Neutral sectors: XLY, XLV, XLRE,
Down trend sectors:
The 6-month intermediate
trend is up. The ten-day trend is in a sideways channel.
3-month Intermediate Term Market
Trend: Up
3-day Short Term Market Trend: Up a little
38 of 100 NDX stocks
closed higher on Monday.
53 NDX stocks are above their 30
DMA: AZN,
GOOGL, KDP, PDD, MRNA, MCHP, TXN, NXPI, TSLA, COST, AMGN, TTD, VRSK, AAPL, ADI,
MELI, ON, QCOM, REGN, AMAT, BKNG, CEG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG,
CHTR, MU, TSLA, AMD, BKR, TMUS, TTWO, EA, LRCX, CDW, ROST, BIIB, HON, WBD, AEP,
CCEP, CMCSA, META, ROP, SBUX, XEL, DLTR,
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 1
DLTR,
Moving Below 30 DMA = 3
BKR, LIN, MSFT,
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