RUT, DJI, SPX, NDX Closed Lower...Breadth Continued Negatve...Earnings Season Day 8, GOOGL, TSLA Negative Reactions...

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SPX -90.66, 7,408, opened and closed lower, formed a spinning top candle pattern that closed just below short-term support.  SPY 742.56 will be the high of the low day, if Thursday becomes the low day tomorrow.  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.

SPX advancers: LMT ALLE URI TMO DGX DHR RTX CSX HON ROP NSC.

SPX decliners: TSLA TMUS ROL DOV GOOGL GL CMCSA LUV DECK AKAM HBAN.

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Day 8, Q2 Earnings season:

Q2 First day reaction: +41%

Positive: 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, = 36

Neutral: KMI, IBM, AVB, EQR, NDAQ, WST, MRSH, WRB, DHI, STT, CAG = 11

Negative: 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 = 41

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 169.50, +2.56% on its tenth 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 118.24, +2.59%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPY -1.23%, average volume of 54.6 million shares.

VIX +2.06, 18.70,

NDX -1.87% closed above its June 9 support low, in its 7-week sideways consolidation.

DJI, 51,711 -0.97%, closed below its 30 DMA.

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

Up: 

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line is down at 64.2, price-action closed below, its July 8 ST support and is defensive. -2.7

Four of eleven sectors were higher on Thursday led by XLI, XLV and XLU 

37 of 100 NDX stocks closed higher on Thursday.

34 NDX stocks are above their 30 DMA: PANW, EA, FAST, PCAR, CCEP, AMGN, CSX, KHC, ADP, MELI, PAYX, PYPL, REGN, CTAS, AAPL, GILD, META, PDD, FANG, INTU, NVDA, ROST, HON, ODFL, AMD, AVGO, CEG, LITE, NVDA, EXC, XEL, ADSK, AEP, ROP,

NDX Stocks to Watch on Friday

Moving Above 30 DMA = 3

ADSK, AEP, ROP,

Moving Below 30 DMA = 14 ADBE, AMZN, BKNG, CMCSA, CRWD, DDOG, FTNT, MDLZ, MNST, MSFT, SBUX, TMUS, TRI, WDAY,

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