RUT, DJI, SPX Closed Higher...NDX Closed Lower on Weakness in Technology Sector and Semiconductor Stocks...Breadth Strengthened...

 

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SPX +16.22, 7,708. Wednesday was a mixed day with RUT, DJI and SPX higher and the NDX moved lower on semiconductor and technology weakness.  The SPX, DJI and RUT breakouts remain above June resistance.  Breadth turned positive as advancers led on both the NYSE and the NASDAQ exchanges.

SPX closed back above 7,700 after one day below on below average volume. Closed above 7,700 for an eleventh day.   The VIX closed lower, suggesting that institutions were net closing hedges. 

RUT 3,032 forms a bullish harami candle in a bull flag pattern.

SPX advancers: MRNA EL MRK ARE MRVL COIN NEM FICO CSGP CPRT BLDR.

SPX decliners: STX STLD WDC DELL LRCX KEYS COHR TER FLEX NUE Q.

SPCX closed at 139.65, -3.69 on volume of 75.1 million shares. Our view is that SPCX, with no earnings, remains an overvalued speculation.  IPO at 135 on June 12.  Absorbing insider/private selling, between August 6 to 17, does not mean the stock is not speculative, but it does mean there were more buyers than sellers and intelligent speculative buyers are speculating to make money.

SPY +1.61, a bull flag pattern, below average volume of 39.6 million shares.

VIX -0.97, 14.87 closed near 3-month low. 

NDX -0.22% a bull flag pattern in 3-month channel.

DJI, 53,463 +0.22%, bull flag pattern.

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

Up: IWM, DIA, SPY,

Down: QQQ,

The SPY MFC green line is up at 86.7 price-action on Wednesday, closed above horizontal resistance for an twelveth day and is short-term bullish. -2.3

Six of eleven sectors were higher and XLU unchanged on Wednesday. 

57 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA: FAST, AMGN, ADP, PAYX, PYPL, REGN, INTU, ADSK, ROP, ADBE, BKNG, FAST, MDLZ, TRI, WDAY, ABNB, BKR, COST, CPRT, DASH, DXCM, MSFT, CMCSA, GEHC, CEG, AMZN, CRWD, MDB, ORLY, PANW, CRWV, LITE, NFLX, NVDA, PLTR, WBD, AXON, GILD, RKLB, SPCX, VRTX, FANG, ISRG, ASML, TER, MU, MRVL, NBIS, SNDK, XEL, PDD, KDP, PEP, TMUS, CSX, CTAS, FER, KHC, MELI, MSTR, TSLA,

NDX Stocks to Watch on Thursday

Moving Above 30 DMA = 7

CSX, CTAS, FER, KHC, MELI, MSTR, TSLA,

Moving Below 30 DMA = 6

CCEP, LRCX, SNPS, SBUX, STX, TTWO,

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