© 2024
The SPX -160.23, 5,186, opened lower, rallied into a trading range and closed down
on Monday. Reports indicate that after
last week’s ISM Mfg. data and Jobs Report some traders have fears about a
potential recession. Overnight futures
trading, Sunday night to Monday morning, to the downside suggests fear (emotion)
selling may have been a primary factor.
Can you believe that two reports would convince rational
adults to ignore the July 25, (just seven trading days ago), Q2 GDP report of 2.8% vs.
a 2.0% consensus and a Q1 1.4% GDP. Recession?
Recession? We’re talking about one
ISM report and one Jobs report. What a
myopic view of a 2.8% GDP economy. Silly,
silly people that clearly forgot that a recession is “a sustained period
of economic decline that lasts more than a few months and is visible across the
economy.” No evidence, just silly, silly
emotion.
The ISM Services index was 51.4 vs. 51.0
estimate, better than expected.
The NDX -2.96%, gapped down, traded in a range above its opening
price that closed above its open and below Friday’s close.
K +10.22, +16.23%, on takeover talk.
After-hours: PLTR +2.91, +12.08%,
CSX +1.10, +3.33%, on positive EPS
reactions, /ES +66.00.
Mega caps META, MSFT, AMZN, TSLA,
GOOGL, AAPL, NVDA fell on Monday.
SPY down 15.52 at 517.38, 145.9 million shares, 177% above the average volume of
52.7 million shares, the highest volume of 2024.
VIX up 15.18 at 38.57
QQQ down 13.38 at 435.37
MMM, PG, CAT, WMT led the DJIA, 0 advancers, -11
K, TSN, ON, CHD led the SPX, 22 advancers
DASH, CRWD, AMD, CEG led the NDX, 12 advancers
Up:
Down: DIA, SPY, QQQ, IWM,
All eleven sectors were lower on Monday, with
the least declining sectors XLI, XLP and XLE.
The SPY MFC green line is pointed
down at 21.8 and is short-term bearish.
Uptrend sectors: XLRE, XLU,
XLV, XLP, XLC, XLF, XLB, XLI, XLK,
Neutral sectors: XLE, XLY,
Down trend sectors:
The 6-month intermediate
trend is up. The ten-day trend is down.
3-month Intermediate Term Market
Trend: Sideways
3-day Short Term Market Trend: Down
12 of 100 NDX stocks
closed higher on Monday.
30 NDX stocks are above their 30
DMA: REGN,
CHTR, EA, CTAS, AMGN, GILD, ODFL, AEP, CTSH, GEHC, ILMN, FAST, LIN, ADP, PAYX, EXC, WBD, XEL, KHC, PEP, ORLY, MDLZ, MNST, CMCSA, KDP, PYPL, AZN, DASH, TMUS, MELI,
NDX Stocks to Watch on Tuesday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 6
BKR, CSX, CCEP, CSGP, ISRG, VRTX,
Add Comments here:
No comments:
Post a Comment