RUT, DJI, SPX, NDX Closed Lower...NDX, SPX Bounce at ST Support, Continue 7-week Consolidation...Earnings Season Week 1...

 

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SPX -76.08, 7,457, opened lower, closed above its open forming a inverted hammer candle pattern, pulling back from horizontal resistance.  The SPX and NDX remain in their 7-week sideways channels.  Breadth weakened as decliners led on both the NYSE and NASDAQ exchanges.

Semiconductor stocks, which had strong upward momentum until June 22, moved lower again on Friday.

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Day 4, Q2 Earnings season:

Monday morning BMO: DPZ, Monday AMC: STLD, WRB

Q2 First day reaction: +52%

Positive: TRV, ABT, JBHT, PLD CFG, USB, UNH, BLK, BNY, CTAS, MTB, PNC, MS, GS, JPM, BAC, = 16

Neutral: STT, CAG = 2

Negative: ISRG, NFLX, RF, FITB, TFC, GE, UAL PGR, ELV, JNJ, C, WFC, FAST = 13

Bold is > +5% or -5%

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SK Hynix ADR, SKHY, closed 154.03, +1.13% on its sixth 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 123.99, -5.43%. Our view is that SPCX, with no earnings, is an overvalued speculation.  IPO at 135 on June 12. 

SPX advancers: TRV STX CNC CASY LITE HUM ADM ALL AIG VLO SWKS.

SPX decliners: ISRG CDNS SNPS NFLX AXON HOOD AMAT BLDR PNR PSKY.

SPY -0.99%, slightly above average volume of 62.6 million shares.

VIX +2.04, 18.77, rises on SPX pullback

NDX -1.49% fall to support area its 7-week sideways consolidation.

DJI, 52,146 -0.2077%, pullback in 3-month up trend.

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

Up:

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line is flat at 72.9, price-action remained above ST support and is short-term bullish. -5.7

One of eleven sectors wase higher on Friday led by XLE, XLRE and XLRI 

22 of 100 NDX stocks closed higher on Friday.

49 NDX stocks are above their 30 DMA: MNST, PANW, CRWD, FTNT, EA, FAST, PCAR, CCEP, BKNG, VRTX, ABNB, DASH, TTWO, 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, HON, MDLZ, ODFL,

NDX Stocks to Watch on Monday

Moving Above 30 DMA = 0

Moving Below 30 DMA = 6

AEP, EXC, FAST, GEHC, LIN, XEL,

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