TSLA, GOOGL Lead Mega Caps Lower Lead NDX, SPX Lower...Utilities, Health Care, Energy Lead Sectors...After-hours: NOW, KLAC Rise on EPS...

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The SPX -128.61, 5,427, opened lower, trended down and closed significantly lower as TSLA -30.39, -12.33% and GOOGL -9.16, -5.0% led the broad market lower after reporting earnings after the close on Tuesday.

The NDX -3.65% opened lower, trended down and closed significantly lower.

After-hours: NOW +50.02, +6.84% and KLAC +30.78, +4.07% closed higher after reporting earnings.

Q2 GDP report Thursday, July 25, BMO.

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 Thursday AAL, ABBV, CARR, CBRE, CMS, DOV, DOW, DTE, FTI, HAS, HON, KDP, LKQ, LUV, MAS NDAQ, NOC, PCG, POOL, RCL, RTX, TSCO, UNP, VLO, WST, WTW report BMO and AJG, BKR, CINF, DECK DLR, DOC, DXCM, EMN, HIG, JNPR, LHX, MHK, NSC, PFG, VLTO, VRSN, WY report AMC.

First day reaction: Q1

Positive:  ENPH, T, NEE, TMO, STX, TDY, TEL, FI CSGP, 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= 43

Neutral: IP, COF, ALLE, ODLFL, PKG, EQT, TXN, CME, WRB, MCO, KO, PHM, NVR, GPC, RF, TXT, CCI, STLD, SYF, MS, BLK = 21

Negative:  LW, TSLA, FTV, ROP, OTIS, APH, WAB, GOOGL, GEV, V, GD, CB, IPG, BSX, 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 = 49

Mega caps AAPL, AMZN, MSFT, GOOGL, META, NVDA, TSLA fell on Wednesday.

SPY down -12.55 at 541.23, 74.5 million shares, above average volume

VIX up 3.32 at 18.04

QQQ down -17.240 at 463.38

JNJ, VZ, KO, MRK led the DJIA, 9 advancers, -3

ENPH, T, NEE, TMO, STX led the SPX, 165 advancers 

GILD, XEL, CSGP, PCAR led the NDX, 24 advancers

Up: 

Down:  DIA, IWM, SPY, QQQ,

Three of eleven sectors were higher on Wednesday, led by XLU, XLV and XLE.

The SPY MFC green line is pointed down at 57.2 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

24 of 100 NDX stocks closed higher on Wednesday.

31 NDX stocks are above their 30 DMA:  VRSK, REGN, FANG, VRTX, CHTR, EA, CTAS, AMGN, BKR, GILD, ODFL, AEP, CTSH, GEHC, ILMN, CDW, FAST, MDB, LIN, ADP, PAYX, EXC, XEL, KHC, PEP, AZN, ISRG, ORLY, CSGP, CSCO, MDLZ,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

CSCO, MDLZ,

Moving Below 30 DMA = 22

AAPL, ADBE, ADSK, ARM, CMCSA, CSX, DLTR, GFS, HON, INTC, INTU, MAR, MELI, MNST, ON, PANW, ROP, TEAM, TSLA, TTD, WDAY, ZS,

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