SPX, NDX Bounce after Thursday Pullback...Consumer Discretionary, Basic Materials, Technology Lead Sectors...Earnings Season is Here...

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The SPX +30.81 5,615, opened higher, rallied to a new all-time intraday before a 30-point selloff in the final 30 minutes resulted in its second close above 5,600. The NDX +0.59% also closed higher.   

Technology and semiconductor stocks rallied after a PPI report that missed forecast. Buyers were once again buying tech stocks notwithstanding the media’s myopic rotation narrative on Thursday.

Earnings season continues next week with 46 SPX companies reporting.  BLK and GS report on Monday BMO.

First day reaction: Q1

Positive:  BK, FAST= 2

Neutral:  = 0

Negative:  WFC, C, JPM = 3

NVDA +1.84, +1.44%, 129.24, opened higher, traded in a range and closed higher. 

AVGO -5.28, -0.31%, 1,700.67, continued to consolidate in a channel for a sixth day.  Its 10 for 1 split takes effect Monday, July 15. 

TSLA +7.20, +2.99%, opened lower, rallied at the open and trended up forming a piercing line candle.

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

SPY up 3.51 at 559.99, 53.0 million shares, above average volume

VIX down .46 at 12.46

QQQ up 2.89 at 494.82

INTC, IBM, AMGN, HD led the DJIA, 22 advancers, +3

ENPH, BK, ACN, F led the SPX, 400 advancers 

ARM, ON, MELI, ZS led the NDX, 81 advancers

Up:  IWM, DIA, SPY, QQQ,

Down:  

Ten of eleven sectors were higher on Friday, led by XLY, XLB and XLK.

The SPY MFC green line is pointed slightly down at 94.3 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 a little

81 of 100 NDX stocks closed higher on Friday.

73 NDX stocks are above their 30 DMA:  GOOGL, TSLA, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, AMGN, AMZN, BKR, GILD, INTU, DDOG, FANG, ARM, TEAM, CSX, INTC, ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, MRVL, NXPI, MELI, ADI, BIIB, CEG, AEP, CTSH, GEHC, ILMN, ROP, CCEP, CDW, CSCO, CSGP, CSX, FAST, MDB, XEL, AZN, LIN, MNST, PDD,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 4

AZN, LIN, MNST,  PDD. 

Moving Below 30 DMA = 1

META,

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