SPX, NDX Closed Lower on NVDA EPS Reaction...RUT, DJI Closed Higher...Advancers Remained Positive...

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SPX -37.27, 6,908, closed lower in a sideways channel.  NVDA, which is approximately 8% of the S&P 500, accounted for approximately -18 SPX points.   Breadth weakened but remained positive as advancers led decliners on the NYSE and Nasdaq exchanges.

NVDA -10.67, -5.46%, EPS $1.62 beat $1.53 estimate, Sales $68.127B beat $66.003B estimate on 360.8 million shares 1.48% of outstanding shares.  It appears to be another classic case of weak hands selling quickly when strong hands (98.52% that didn’t sell) didn’t buy more than weak hands sold.  The question becomes if only a small minority of shareholders, (1.48% sold), who dropped the price by over 5%?

SPX leaders: PSKY, GDDY, SJM, ACN, TKO, EXPE, FICO, HUM, CTSH, MGM.

SPX decliners: UHS, EME, GLW, ALB, NVDA, VTRS, SNPS, AMAT, TTD, FSLR.

SPY traded below average volume of 71.6 million shares on Thursday.

VIX +0.70, 18.63. 

NDX -1.16%, red candle closed below the low of the high day in a channel.

DJI, 49,499, +0.03%, bounce continuation in a bull flag pattern.

Mega caps, BRK/B, META, MSFT rose and AAPL, LLY, AMZN, GOOGL, TSLA, TSM, AVGO, NVDA fell on Thursday.

Up: IWM, DIA,

Down: SPY, QQQ,

The SPY MFC green line is pointed up at 56.8, price-action paused and is short-term bullish. +4.3. 

Five of eleven sectors were higher on Thursday led by XLF, XLI and XLRE. 

50 of 100 NDX stocks closed higher on Thursday.

53 NDX stocks are above their 30 DMA: MNST, ADI, WDC, TXN, ODFL, BKNG, CMCSA, LIN, HON, LRCX, MU, ASML, MPWR, STX, BKR, COST, AEP, MDLZ, AMGN, GILD, FANG, FER, CSX, PEP, CCEP, ROST, CHTR, TMUS, MAR, KDP, XEL, AZN, CTAS, AMAT, ARM, KLAC, EXC, REGN, VRTX, WBD, DXCM, GEHC, KHC, AAPL, CEG, PDD, SBUX, ABNB, AXON, NLFX, FAST, ISRG, VRSK,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 3

FAST, ISRG, VRSK,

Moving Below 30 DMA = 7

AVGO, CDNS, CSCO, MRVL, NVDA, NXPI, PCAR,

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