SPX Opens Higher Closes Lower, Forms Bearish Engulfing Candle...Energy, Utilities, Financial Lead Sectors...NVDA Pulls Back, XLK Rebalance Friday...

© 2024

The SPX -13.86, 5,473, opened higher at a new intraday all-time high, formied a bearish engulfing pattern closed lower.  The SPX closed above 5,400 for a sixth day. The SPY and NDX -0.76% made new all-time intraday highs before closing lower. Breadth weakened slightly on Thursday. 

Fed members Kashkari, Barkin, and Daly spoke on Thursday.

NVDA -4.80, -3.54%, 130.78, made a new all-time intra-day high before reversing, forming a bearish engulfing candle and closing lower.  SPDR indicated that effective June 21 NVDA weighting in XLK will rise to about 21% from about 6%.  Tigress Financial raises price target to $170 from $98.50.  NVDA slips to second behind MSFT for largest market cap.

AVGO -67.96, -3.77%, pulled back for a second day forming a bull flag price pattern.  It has a 10 for 1 stock split on July 15. 

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

SPY down 1.49 at 547.00 on 70.3 million shares, above average volume.

VIX up .80 at 13.28

QQQ down 3.74 at 481.47

CRM, CVX, IBM, AMZN led the DJIA, 23 advancers, +3

GILD, CAN, EPAM, WRK, PARA led the SPX, 289 advancers 

GILD, SIRI, AMD, CTSH led the NDX, 51 advancers

Up:  DIA,

Down:  SPY, IWM, QQQ,

Eight of eleven sectors were higher on Thursday, led by XLE, XLU and XLF.

The SPY MFC green line is flat at 96.0 and is short-term bullish.

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

51 of 100 NDX stocks closed higher on Thursday.

63 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, AMD, AMGN, AMZN, ANSS, BKR, CTSH, GEHC, GFS, GILD, INTU, SIRI,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 11

AMD, AMGN, AMZN, ANSS, BKR, CTSH, GEHC, GFS, GILD, INTU, SIRI,

Moving Below 30 DMA = 4

NXPI, PCAR, TTWO, TXN,

Add Comments here: