DJI, SPX, NDX, RUT Closed Lower...Breadth Weakened as Decliners Led on NYSE & NASDAQ...VIZ Closes Lower...

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SPX -10.24, 7,498, opened and closed lower, formed spinning top candle patterns.  The SPX and NDX formed range bound spinning tops in their 7-week sideways channels.  Breadth weakened as decliners led on both the NYSE and NASDAQ exchanges.

Semiconductor stocks rose on Wednesday.

SPX advancers: SMCI WAB DELL EQT NRG EXE CME CEG IP FCX PCAR.

SPX decliners: GEV NOW PTC WDAY PLTR COIN DASH TYL GLW DXCM TEL.

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Day 7, Q2 Earnings season:

Thursday morning BMO: ALLE, AMP, BX, CMCSA, DGX, DOV, DOW, FCX, HBAN, HON, LMT, NDAQ, NSC NVR, PCG, ROP, RTX, SNA, TMO, TMUS, TSCO, UNP, WST, Thursday AMC: DECK, DLR, EW, HIG, INTC, NEM, VRSN,

Q2 First day reaction: +43%

Positive: WAB, EQT, CME, T, PM, PHM, HAS, MMM, GM, STLD, DPZ, TRV, ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 27

Neutral: TDY, MCO, IBKR, MRSH, WRB, DHI, STT, CAG = 8

Negative: GEV, TEL, NTRS, CB, COF, OTIS, DHR, MSCI, HAL, EFX, GPC, SCHW, NOC, SYF, KEY, ISRG, NFLX, RF, FITB, TFC, GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 28

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 165.27, -3.88% on its ninth 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 does not have a track record to evaluate.

SpaceX, SPCX, closed at 115.26, -6.70%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPY -0.12%, below average volume of 32.8 million shares.

VIX -0.41, 16.64,

NDX -0.54% remained above the high of the low day in its 7-week sideways consolidation.

DJI, 52,218 -0.01%, remained above 30 DMA.

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

Up:  

Down: DIA, SPY, QQQ, IWM,

The SPY MFC green line is down at 66.9, price-action closed just above, July 17, the high of the low day and remained above ST support and is short-term bullish. -2.4

Five of eleven sectors were higher on Wednesday led by XLU, XLB and XLE 

43 of 100 NDX stocks closed higher on Wednesday.

45 NDX stocks are above their 30 DMA: PANW, CRWD, FTNT, EA, FAST, PCAR, CCEP, BKNG, AMGN, SBUX, CSX, KHC, ADP, DDOG, MELI, PAYX, PYPL, REGN, CTAS, TRI, AAPL, GILD, WDAY, META, PDD, AMZN, TMUS, FANG, INTU, NVDA, ADBE, MSFT, ROST, CMCSA, HON, ODFL, AMD, AVGO, CEG, LITE, NVDA, EXC, MDLZ, MNST, XEL,

NDX Stocks to Watch on Thursday

Moving Above 30 DMA = 4

EXC, MDLZ, MNST, XEL,

Moving Below 30 DMA = 9

ABNB, ADSK, AXON, DASH, DXCM, ORLY, PLTR, ROP, VRTX,

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