RUT, DJI, SPX, NDX Closed Lower on Earnings Season Day 3...SKHY, SPCX Closed Lower...AAPL Closes at All-time High...

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SPX -38.63, 7,533, opened and closed lower, in a tight five-day range, above its 30 DMA and near horizontal resistance.  The SPX and NDX remain in their 7-week sideways channels.  Breadth weakened as advancers led on the NYSE, but decliners led on the NASDAQ exchange.

Nine sectors advanced today, but the industrials and technology sectors declined.  Semiconductor stocks, which had strong upward momentum until June 22, have declined 15% since their high and continue to contribute to congestion in the NDX.

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Q2 Earnings season continues day 3.

Friday morning BMO: FITB, RF, TFC, TRV, Thursday evening: ISRG, NFLX

Q2 First day reaction: +60%

Positive: ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 15

Neutral: STT, CAG = 2

Negative: GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 8

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 152.31, -13.69% on its fifth 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.  However, the ADR has only five days of trading history and is speculative because the ADR stock itself does not have a track record to evaluate.

SpaceX, SPCX, closed at 131.11, -3.08%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12.  A least one report on Thursday indicated that sellers are increasing their short position in the stock.

SPX advancers: ABT JBHT FDXF ERIE DXCM CTAS IR IT CSGP DPZ MCK.

SPX decliners: SNDK STX GLW WDC MRVL HOOD SMCI MRNA COHR CIEN ORCL.

SPY -0.54%, below average volume of 46.3 million shares.

VIX +1.06, 16.73, rises on pullback

NDX -1.62% continues its 7-week sideways consolidation, close below 30 DMA.

DJI, 52,552 -0.20%, pauses in its 3-month up trend.

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

Up:

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line is flat at 78.6, price-action remained above ST support and is short-term bullish. -0.4

Nine of eleven sectors were higher on Thursday led by XLP, XLV and XLRE 

54 of 100 NDX stocks closed higher on Thursday.

55 NDX stocks are above their 30 DMA: MNST, PANW, CRWD, FTNT, EA, FAST, PCAR, CCEP, BKNG, VRTX, ABNB, DASH, TTWO, AEP, AMGN, AXON, ROP, SBUX, CSX, KHC, ADP, DDOG, MELI, PAYX, PYPL, REGN, CTAS, TRI, AAPL, GILD, WDAY, DXCM, META, PDD, AMZN, TMUS, FANG, INTU, WBD, NVDA, PLTR, ADBE, ADSK, IDXX, MSFT, ROST, CMCSA, EXC, FAST, GEHC, HON, LIN, MDLZ, ODFL, XEL,

NDX Stocks to Watch on Friday

Moving Above 30 DMA = 9

CMCSA, EXC, FAST, GEHC, HON, LIN, MDLZ, ODFL, XEL,

Moving Below 30 DMA = 6

AMAT, AMD, ASML, AVGO, CEG, GOOGL,

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