SPX, NDX Barely Make an All-time New Closing High...Financial, Health Care, Consumer Discretionary Lead Sectors...

© 2024

The SPX +4.13, 5,576, opened slightly higher, traded in a narrow range and closed above 5,500 for the fifth day at an all-time new closing high.  The NDX +0.07% also closed at a new all-time closing high. 

Chair Powell gave his semi-annual testimony before the Senate Banking committee on Tuesday which did appear to be a catalyst for intraday price fluctuations.  Powell will continue his testimony before the House Financial Services committee on Wednesday.

It appears to us that based on comments made last week on the ECB panel and today that there is a shift in the narrative of their making decisions on the data to now making decisions on their confidence in the data and their interpretation of the data. 

A Google search indicates that “Confidence is described as a feeling that’s closely related to emotions.”  Is Powell inferring the possibility that the Fed is moving from an objective data approach to a subjective confidence/feeling approach?

CPI report Thursday July 11, BMO.

NVDA +3.18, +2.48%, 131.38, opened higher, traded in a range and closed higher.  Keybanc raised its price target to $180 from $130 and maintained their Overweight rating.

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

SPY up .54 at 555.82, 27.2 million shares, below average volume, lightest volume day of 2024

VIX up .14 at 12.51

QQQ up .43 at 497.77

INTC, GS, AMGN, AXP led the DJIA, 11 advancers, -4

INCY, GLW, TSLA, PARA, PFG led the SPX, 198 advancers 

TSLA, WBD, NVDA, TTD led the NDX, 37 advancers

Up:  SPY, QQQ,

Down:  DIA, IWM,

Six of eleven sectors were higher on Tuesday, led by XLF, XLV and XLY.

The SPY MFC green line is pointed up at 97.5 and is short-term bullish.

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

Neutral sectors:  XLRE,

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

37 of 100 NDX stocks closed higher on Tuesday.

62 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, META, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, AMGN, AMZN, BKR, GILD, INTU, DDOG, FANG, ARM, TEAM, FTNT, CSX, INTC, ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, MDB, MRVL, NXPI, MELI, ADI, BIIB, CEG,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 5

CTSH, ILMN, LIN, QCOM, ROP,

Add Comments here: