DJI, SPX, RUT Closed Higher...NDX Closed Lower as Semiconductor Stocks and Technology Sector Move Lower...

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SPX +15.60, 7,413, opened lower, formed a piercing candle pattern that closed higher.  NDX closed below seven-week support and formed a hammer. 

Breadth weakened slightly as advancers led on the NYSE and decliners led by just 47 stocks on the NASDAQ exchange.

META, MSFT report Wednesday after market close and AAPL, AMZN report Thursday after market close.

SPX advancers: IQV INCY SHW WDAY ZBRA HCA CRL NUE SOLV CTSH ACN.

SPX decliners: SNDK GLW COHR CARR MU STX LITE DELL AMD AMAT MRVL.

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Day 11, Q2 Earnings season:

Wednesday BMO: ADP, AON, APH, BH, BIIB, BSX, CBRE, CTSH, ETR, FTV, GD, GEHC,  GNRC, GRMN, HUM, IEX, JCI, LII, MAS, ODFL, PG, SW, SWK, VMC, VRSK, VRT, WEC, Wednesday AMC: ALGN, AWK, CHRW, CMG, EG, EQIX, ESS, FICO, FTNT, HOOD, INVH, LHX, LRCX, MAA, META, MGM, MSFT, ORLY, PSA, PTC, QCOM, REG, SBUX, TYL, VICI, VTR,

Q2 First day reaction: +44%

Positive: IQV, INCY, SHW, NUE, RCL, PNR BRO KO, BA, UHS, ECL, PYPL, XYL, ITW, PCAR, AMT PFG, CDNS, BKR, SLB, DLR, VRSN, VZ, HCA, LMT, ALLE, URI, TMO, DGX, RTX, CSX, HON, ROP, NSC, UNP, TSCO, PKG, LVS, BX, HAS, MMM, GM, STLD, DPZ, TRV, ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 60

Neutral: CNP, CMS, CNC, UDR, DTE, CINF, NEE, DECK, KMI, IBM, AVB, EQR, NDAQ, WST, MRSH, WRB, DHI, STT, CAG = 19

Negative: GLW, CARR, UPS, TXT, SPGI, HUBB, HLT, IVZ, WELL DINO, FFIV, INTC, CHTR, NEM, EW, HIG, TSLA, TMUS, ROL, DOV, GOOGL, GL, CMCSA, LUV, HBAN, CCI, NOW, PCG, TXN NVR, SNA, FCX, AMP, DOW, RJF, DHR, MSCI, HAL, EFX, GPC, SCHW, NOC, SYF, KEY, ISRG, NFLX, RF, FITB, TFC, GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 57

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 130.17, -8.98% on its thirteenth trading day.  IPO was at 149.  SK Hynix is a profitable company with over $65 billion in revenues (larger than SPCX) and $28 billion in annual profit.  The ADR is speculative because as a new IPO it does not have a track record to evaluate. 

News on Tuesday about China’s development of DUV technology contributed to a decline in semiconductor stocks.  BofA issued a note that it believes the ASML price decline was overdone.  Our research suggests that China’s DUV technology capacity through 2027 would likely only be equivalent to about 20% of ASML’s expected production.

SpaceX, SPCX, closed at 116.41, +2.56% formed a bullish engulfing candle today.  Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPY +0.24%, below average volume of 46.9 million shares.

VIX -0.46, 18.21,

NDX -0.98% formed a hammer candle below its June 9 support low and its 8-week sideways consolidation.

DJI, 52,747 +1.03%, rose and closed near its all-time closing high on July 6.

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

Up: DIA, SPY, IWM,

Down: QQQ,

The SPY MFC green line is down at 51.2, price-action closed slightly above its July 8 ST support and is defensive. -5.7

Seven of eleven sectors were higher on Tuesday led by XLV, XLP and XLC 

59 of 100 NDX stocks closed higher on Tuesday.

52 NDX stocks are above their 30 DMA: EA, FAST, PCAR, CCEP, AMGN, CSX, KHC, ADP, MELI, PAYX, PYPL, REGN, CTAS, AAPL, GILD, PDD, FANG, INTU, NVDA, ROST, HON, ODFL, CEG, NVDA, EXC, XEL, ADSK, ROP, ADBE, BKNG, FAST, MDLZ, TRI, WDAY, ABNB, AXON. BKR, COST, CPRT, DASH, DDOG, DXCM, IDXX, MAR, MSFT, ORLY, TTWO, CMCSA, GEHC, MNST, VRTX, PEP,

NDX Stocks to Watch on Wednesday

Moving Above 30 DMA = 5

CMCSA, GEHC, MNST, VRTX, PEP,

Moving Below 30 DMA = 1

PLTR,

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