SPX, NDX Close Higher on Institutional Buying...Mega Caps Gain...Technology, Industrial, Materials Lead Sectors...

 

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SPX +108.91, 5,484, opened higher and made its highest close since April 2, reportedly from optimism about quarterly earnings.  However, institutional buying, unwinding of hedges and falling volatility were visible in the technicals. The DJI, 40,093 +1.23%, and NDX +2.79% also closed higher for a third straight day. 

Breadth strengthened as advancers increased on the exchanges and in the indexes. Net advancing capital was larger than net declining capital in the SPX and NDX.

NOW +125.87, +15.49%, on earnings and revenue beat. 

Thursday session insight: Phebe Novakovic

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EPS Q1 on Friday BMO: ABBV, AON, CHTR, CL, CNC, HCA, LYB, PSX, SLB, report. 

120 total SPX companies report this week.

First day reaction: Q1

Positive: NOW, HAS, ALLE, RMD, URI, FTI, FCX, EW, TXN, LVS, LRCX, DFS, NEM, IPG, DOW, TXT, DOV, NDAQ, CMG, CNP, RJF, MRK, VRT, APH, BA, WAB, TSLA, STLD, BSX, COF, GEV, PM, TEL, ISRG, EFX, PNR, PHM, IVZ, MMM, DGX, GE, WRB, MCO, DHR, NTRS, SYF, GPC, ELV, NFLX, DHI, HBAN STT, KEY, CSX, ABT, PLD, CF, TRV, BAC, C, GS, FAST, JPM, BLK, MS, BK, DAL = 67

Neutral: ROL, CMS, CBRE, AMP, BMY, LHX, FE, PCG, NEE, NSC, T, ODFL, EQT, TMO, PKG, MSCI, LMT, VZ, NVR, BX, RF, SCHW, KMI, TFC, AXP, FITB, UAL, PGR, PNC, JNJ, MTB, WFC, STZ = 33

Negative: FI, LKQ, TYL, POOL, IBM, WTW, MOH, PEP, PG, CMCSA, WST, TSCO, KDP, ORLY, UNP, XEL, VLO, ENPH, LII, OTIS, BKR, MAS, GD, TDY, AVY, CB, CME, NOC, RTX, HAL, KMB, UNH, SNA, MMC, JBHT, OMC, USB, KMX = 38

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TSLA +8.77, +3.50%, closed higher. 

Mega caps AVGO, TSM, NVDA, TSLA, MSFT, AMZN, GOOGL, META, AAPL, BRK/B rose on Friday. 

SPY up 11.27 at 546.59, 61.8 million shares, below average volume

VIX down 1.98 at 26.47,

QQQ up 12.79 at 467.35

CRM, AMZN, CAT, MSFT led the DJIA, 24 advancers, +6

NOW, HAS, MCHP, ALLE, RMD, URI led the SPX, 404 advancers,

MCHP, ON, TEAM, APP, CRWD led the NDX, 86 advancers,

Up: QQQ, SPY, IWM, DIA,

Down:

The SPY MFC green line is turned up at 50.4 and is short-term bullish. +5.2

Ten of eleven sectors were higher on Thursday, led by XLK, XLI and XLB. 

Uptrend sectors: 

Neutral sectors: XLP, XLU, XLRE, XLF, XLC,

Down trend sectors: XLY, XLV, XLE, XLI, XLK, XLB,

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

3-month Intermediate Term Market Trend:  Down

3-day Short Term Market Trend:  Sideways 

86 of 100 NDX stocks closed higher on Thursday.

57 NDX stocks are above their 30 DMA: EXC, CPRT, CCEP, COST, CRWD, CTAS, KDP, MNST, PLTR, ROST, EA, FAST, MSTR, AEP, MELI, NFLX, ADSK, AXON, BKNG, CDNS, CSGP, IDXX, TTWO, XEL, CEG, FTNT, INTU, TMUS, ZS, AAPL, ABNB, ADI, AMAT, ANSS, ARM, AVGO, CDW, DASH, DDOG, DXCM, GOOGL, ISRG, KLAC, LRCX, MAR, MCHP, MDB, MSFT, NXPI, ON, PANW, QCOM, SNPS, TEAM, TSLA, TTD, WDAY,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 28

AAPL, ABNB, ADI, AMAT, ANSS, ARM, AVGO, CDW, DASH, DDOG, DXCM, GOOGL, ISRG, KLAC, LRCX, MAR, MCHP, MDB, MSFT, NXPI, ON, PANW, QCOM, SNPS, TEAM, TSLA, TTD, WDAY,   

Moving Below 30 DMA = 3

KHC, MDLZ, ORLY,

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