SPX, NDX Fall as Mega-Cap Stocks Move Lower...VIX > 20...Consumer Staples, Real Estate Lead Sectors...NVDA -9%...

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The SPX -119.47, 5,528, opened lower, moved down about 25 points by 10 am ET when the ISM Manufacturing report came out at 47.2 above 46.8 in July but below the 47.5 consensus.  The ISM has been in contraction (below 50) since April 2024. The SPX fell another 24 points in 15 minutes and continued to trend down on Tuesday until the close.  

Some reports indicate that the below consensus report raising concerns of an economic contraction.  Other data does not yet confirm that perspective.  Traders await the JOLTS report tomorrow and the Jobs Report on Friday. 

The NDX -3.15%, opened lower, trended down and closed lower as Mega-cap stocks fell between AMZN -1.26% to GOOGL -3.68% and NVDA’s -9.53%.

NVDA -11.37, -9.53%, the largest decliner of the mega-caps, opened lower, trended down on above average volume, and closed lower.

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

SPY down 11.60 at 552.08, 60.4 million shares, above average volume, C-pattern BO test

VIX up 5.17 at 20.72

QQQ down 14.64 at 461.81

VZ, PG, UNH, V led the DJIA, 6 advancers, -20

TAP, DXCM, CBOE, SJM, CHD led the SPX, 147 advancers

DXCM, PEP, MNST, XEL led the NDX, 23 advancers

Up:   

Down:  DIA, SPY, QQQ, IWM,

Two of eleven sectors were higher on Tuesday, led by XLP, XLRE and XLU.

The SPY MFC green line turned down at 89.8 and is counter-trend defensive.

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

Neutral sectors:  XLY, XLE,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

23 of 100 NDX stocks closed higher on Tuesday.

56 NDX stocks are above their 30 DMA:  CTAS, GILD, AEP, CTSH, ILMN, ADP, PAYX, EXC, XEL, KHC, ORLY, MDLZ, KDP, PYPL, AZN, DASH, TMUS, MELI, ISRG, FTNT, REGN, GEHC, LIN, META, COST, PANW, TTD, SBUX, ADSK, CCEP, NFLX, AAPL, ADBE, CSCO, MRVL, ROP, ROST, TXN, WDAY, ZS, TTWO, CPRT, BKNG, CSGP, LULU, CRWD, TEAM, HON, MAR, AMGN, VRSK, CSX, MDB, AMZN, PCAR, PEP,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

PEP,   

Moving Below 30 DMA = 22

ADI, AMD, ANSS, ARM, ASML, AVGO, CDNS, CDW, CEG, CMCSA, DDOG, EA, FAST, IDXX, KLAC, MCHP, MSFT, NXPI, NVDA, ON, QCOM, VRTX,

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