SPX Closes Lower for a Second Day, Bull Flag Setup...Energy, Technology Lead Sectors...DHI Leads SPX on Positive EPS Reaction...

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The SPX -43.68, 5,544, opened higher, traded in a range for about 60 minutes before falling about 90 points over the next four hours, selling exhausted and the SPX bounced 20 points going into the close.  A two-day bull flag setup has formed on the SPX and SPY.

The NDX -047% also closed modestly lower.

Fed’s Goolsbee, Logan, Daly and Bowman were scheduled to speak on Thursday. 

TSLA +0.73, +0.29%, opened higher, traded in a range and closed slightly higher.

ASML -7.90, -0.85%, fell for a second after a better-than-expected earnings report on Wednesday but indicated that the current year could remain flat as it gears up for a strong 2025.

Earnings season’s continues this week with 46 SPX companies reporting.  AXP, FITB, HAL, HBAN, RF, SLB, TRV report BMO on Friday.

First day reaction: Q1

Positive:  DHI, CTAS, KMI, EFX, MTB, BX, DFS, USB, JNJ, CFG, PLD, STT, UNH, BAC, PNC, GS, BK, FAST= 18

Neutral: TXT, CCI, STLD, SYF, MS, BLK = 6

Negative:  DPZ, ABT, KEY, LVS, SNA, MMC, UAL, JBHT, ELV, NTRS, OMC, SCHW, PGR, WFC, C, JPM = 16

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

SPY down -4.28 at 552.66, 56.2 million shares, above average volume

VIX up 1.45 at 15.93

QQQ down -2.28 at 479.49

INTC, CVX, VZ, KO led the DJIA, 3 advancers, -19

DHI, PWR, CTAS, SOLV led the SPX, 117 advancers 

CTAS, META, AVGO, NVDA led the NDX, 26 advancers

Up: 

Down:  QQQ, SPY, DIA, IWM,

Two of eleven sectors were higher on Thursday, led by XLE, XLK and XLC.

The SPY MFC green line is pointed down at 86.7 and is counter-trend defensive.

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

Neutral sectors: 

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up a little.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

26 of 100 NDX stocks closed higher on Thursday.

52 NDX stocks are above their 30 DMA:  VRSK, AAPL, REGN, FANG, VRTX, CHTR, TMUS, EA, HON, ZS, CTAS, ADSK, MAR, TSLA, ADBE, AMGN, BKR, GILD, INTU, FANG, TEAM, CSX, INTC, ODFL, WDAY, GFS, ON, TXN, NXPI, ADI, AEP, CTSH, GEHC, ILMN, ROP, CDW, CSCO, CSGP, CSX, FAST, MDB, LIN, ADP, CMCSA, PAYX, EXC, MNST, PCAR, XEL, KHC, PEP, MDLZ,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 9

AZN, BKNG, DXCM, IDXX, MELI, ORLY, PANW, PYPL, ROST,

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