NDX, RUT, SPX, DJI Closed Higher...Day 6 Earnings Season...Semiconductor and Techology Stocks Bounce Back...

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SPX +65.92, 7,509, opened higher, closed higher, and confirmed Friday’s inverted hammer candle pattern.  The SPX and NDX bounced up in their 7-week sideways channels.  Breadth turned positive as advancers led on both the NYSE and NASDAQ exchanges.

Semiconductor stocks were among market and technology leaders on Tuesday.

SPX advancers: SNDK WDC MU TER COHR STX COIN LITE HAS INTC AMD.

SPX decliners: DHR MSCI TYL HAL IT VEEV VRSN WDAY ERIE BLDR CSGP.

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Day 6, Q2 Earnings season:

Wednesday morning BMO: CME, GEV, MCO, NTRS, OTIS, PHM, PM, T TDY, TEL, WAB, Wednesday AMC: AVB, CCI, CSX, EQR, GL, GOOGL, IBM, KMI, LUV, LVS, NOW, PKG, RJF, ROL, TSLA, TXN, URI,

Q2 First day reaction: +44%

Positive: HAS, MMM, GM, STLD, DPZ, TRV, ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 21

Neutral: MRSH, WRB, DHI, STT, CAG = 5

Negative: DHR, MSCI, HAL, EFX, GPC, SCHW, NOC, SYF, KEY, ISRG, NFLX, RF, FITB, TFC, GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 22

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 171.94, +13.75% on its eightth 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 123.54, +3.08%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPY +0.83%, below average volume of 34.3 million shares.

VIX -1.60, 17.05,

NDX +1.93% closed above the high of the low day in its 7-week sideways consolidation.

DJI, 52,224 +0.74%, close above 30 DMA.

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

Up: QQQ, IWM, SPY, DIA,

Down:  

The SPY MFC green line is flat at 69.3, price-action closed above the high of the low day and remained above ST support and is short-term bullish. -0.4

Seven of eleven sectors were higher on Tuesday led by XLK, XLE and XLV 

52 of 100 NDX stocks closed higher on Tuesday.

50 NDX stocks are above their 30 DMA: PANW, CRWD, FTNT, EA, FAST, PCAR, CCEP, BKNG, VRTX, ABNB, DASH, AMGN, AXON, ROP, SBUX, CSX, KHC, ADP, DDOG, MELI, PAYX, PYPL, REGN, CTAS, TRI, AAPL, GILD, WDAY, DXCM, META, PDD, AMZN, TMUS, FANG, INTU, NVDA, PLTR, ADBE, ADSK, MSFT, ROST, CMCSA, HON, ODFL, AMD, AVGO, CEG, LITE, NVDA, ORLY,

NDX Stocks to Watch on Wednesday

Moving Above 30 DMA = 6

AMD, AVGO, CEG, LITE, NVDA, ORLY,

Moving Below 30 DMA = 3

IDXX, MNST, TTWO,

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