SPX Closes Slightly Lower...Basic Materials, Financial Lead Sectors...After-hours: GOOGL, TSLA Move Lower on a Negative EPS Reaction...

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The SPX -8.67, 5,555, opened flat, traded in a range and closed slightly lower, just below the high of the low day on Friday.

The NDX -0.35% opened lower, traded in a range and closed slightly lower.

After-hours: GOOGL -3.19, -2.19% and TSLA -19.15, -7.77% closed lower after reporting earnings.

PCE Inflation report on Friday, July 26, BMO.

Next FOMC meeting July 30-31, 2024 

Earnings season continues this week with 137 SPX companies reporting.  On Wednesday ALLE, APH, BSX, CME, FI, FTV, GD, GEV, IP, IPG, LW, NEE, ODFL, OTIS, ROP, T, TDY, TEL, TMO, WAB report BMO and ALGN, AMP, CMG, EW, F, GL, IBM, INVH, KLAC, LVS, MOH, NEM, NOW, ORLY, RJF, ROL, RSG, TER, TYL, UHS URI, WM report AMC.

First day reaction: Q1

Positive:  PNR, MSCI, SHW, GE, LMT, DHR,, BRO, HCA, PM, IVZ, IQV, TFC, ISRG, HBAN, SLB, FITB, DHI, CTAS, KMI, EFX, MTB, BX, DFS, USB, JNJ, CFG, PLD, STT, UNH, BAC, PNC, GS, BK, FAST= 34

Neutral: WRB, MCO, KO, PHM, NVR, GPC, RF, TXT, CCI, STLD, SYF, MS, BLK = 13

Negative:  UPS, PCAR, AOS, NXPI, GM, KMB, DGX, ARE, CMCSA, AVY, FCX, CDNS, NUE, VZ, TRV, HAL, PPG, AXP, NFLX, DPZ, ABT, KEY, LVS, SNA, MMC, UAL, JBHT, ELV, NTRS, OMC, SCHW, PGR, WFC, C, JPM = 35

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

SPY down -0.87 at 553.78, 34.3 million shares, below average volume

VIX down -0.19 at 14.72

QQQ down -1.70 at 480.62

BA, AMZN, TRV, GS led the DJIA, 12 advancers, -5

PNR, MSCI, SHW, GE led the SPX, 185 advancers 

ARM, CHTR, AMZN, CRWD, AVGO led the NDX, 30 advancers

Up:  IWM,

Down:  DIA, SPY, QQQ,

Two of eleven sectors were higher on Tuesday, led by XLB, XLF and XLV.

The SPY MFC green line is pointed down at 67.8 and is 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 down a little.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

30 of 100 NDX stocks closed higher on Tuesday.

51 NDX stocks are above their 30 DMA:  VRSK, AAPL, REGN, FANG, VRTX, CHTR, EA, HON, CTAS, ADSK, MAR, TSLA, ADBE, AMGN, BKR, GILD, INTU, TEAM, INTC, ODFL, WDAY, GFS, AEP, CTSH, GEHC, ILMN, ROP, CDW, CSX, FAST, MDB, LIN, ADP, CMCSA, PAYX, EXC, MNST, XEL, KHC, PEP, AZN, ISRG, MELI, ORLY, PANW, CSGP, DLTR, ON, TTD, ARM, ZS,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 2

ARM, ZS,  

Moving Below 30 DMA = 10

ABNB, ADI, CSCO, FANG, MCHP, MDLZ, NXPI, PCAR, PYPL, TXN,

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