SPX, NDX Barely Make an All-time New Closing High...Financial, Health Care, Consumer Discretionary Lead Sectors...

© 2024

The SPX +4.13, 5,576, opened slightly higher, traded in a narrow range and closed above 5,500 for the fifth day at an all-time new closing high.  The NDX +0.07% also closed at a new all-time closing high. 

Chair Powell gave his semi-annual testimony before the Senate Banking committee on Tuesday which did appear to be a catalyst for intraday price fluctuations.  Powell will continue his testimony before the House Financial Services committee on Wednesday.

It appears to us that based on comments made last week on the ECB panel and today that there is a shift in the narrative of their making decisions on the data to now making decisions on their confidence in the data and their interpretation of the data. 

A Google search indicates that “Confidence is described as a feeling that’s closely related to emotions.”  Is Powell inferring the possibility that the Fed is moving from an objective data approach to a subjective confidence/feeling approach?

CPI report Thursday July 11, BMO.

NVDA +3.18, +2.48%, 131.38, opened higher, traded in a range and closed higher.  Keybanc raised its price target to $180 from $130 and maintained their Overweight rating.

Mega caps TSLA, NVDA, AAPL, META, AMZN rose and GOOGL, MSFT fell on Tuesday.

SPY up .54 at 555.82, 27.2 million shares, below average volume, lightest volume day of 2024

VIX up .14 at 12.51

QQQ up .43 at 497.77

INTC, GS, AMGN, AXP led the DJIA, 11 advancers, -4

INCY, GLW, TSLA, PARA, PFG led the SPX, 198 advancers 

TSLA, WBD, NVDA, TTD led the NDX, 37 advancers

Up:  SPY, QQQ,

Down:  DIA, IWM,

Six of eleven sectors were higher on Tuesday, led by XLF, XLV and XLY.

The SPY MFC green line is pointed up at 97.5 and is short-term bullish.

Uptrend sectors:  XLK, XLC, XLY, XLP, XLF, XLU, XLI, XLB, XLV, XLE,

Neutral sectors:  XLRE,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

37 of 100 NDX stocks closed higher on Tuesday.

62 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, META, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, AMGN, AMZN, BKR, GILD, INTU, DDOG, FANG, ARM, TEAM, FTNT, CSX, INTC, ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, MDB, MRVL, NXPI, MELI, ADI, BIIB, CEG,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 5

CTSH, ILMN, LIN, QCOM, ROP,

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SPX, NDX Inch to New All-time Closing Highs...Technology, Basic Materials, Real Estate Lead Sectors...Semiconductor Stocks Lead Technology...

 

© 2024

The SPX +5.66, 5,572, opened flat, traded in a narrow range and closed above 5,500 for the fourth day at an all-time new closing high.  The NDX +0.23% also closed at a new all-time closing high.  Semiconductor stocks INTC, AMD, MRVL, AVGO, ON, ARM and NVDA were among today’s leaders. 

Powell gives his semi-annual testimony before the Senate Banking committee on Tuesday and the House Financial Services committee on Wednesday.

CPI report Thursday July 11, BMO.

NVDA +2.37, +1.88%, 128.20, opened flat, traded in a range and closed higher.  UBS raised its price target to $150 from $120 and maintained their Buy rating.

AVGO +42.55, +2.50%, in a bull flag bounce continuation move.  10 for 1 split takes effect Monday, July 15.  

Mega caps NVDA, AAPL, TSLA rose and MSFT, AMZN, GOOGL, META fell on Monday.

SPY up .64 at 555.28, 36.0 million shares, below average volume

VIX down .11 at 12.37

QQQ up 1.18 at 497.34

INTC, HD, TRV, DOW led the DJIA, 15 advancers, -4

GLW, SMCI, INTC, ENPH, RL led the SPX, 279 advancers 

INTC, AMD, MRVL, AVGO, ON led the NDX, 41 advancers

Up:  IWM, QQQ, SPY,

Down:  DIA,

Six of eleven sectors were higher on Monday, led by XLK, XLB and XLRE.

The SPY MFC green line is pointed up at 95.1 and is short-term bullish.

Uptrend sectors:  XLK, XLC, XLY, XLP, XLF, XLU, XLI, XLB, XLV, XLE,

Neutral sectors:  XLRE,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

41 of 100 NDX stocks closed higher on Monday.

67 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, META, ROP, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, AMGN, AMZN, BKR, CTSH, GILD, INTU, DDOG, FANG, ARM, TEAM, FTNT, CSX, INTC, ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, MDB, MRVL, NXPI, ILMN, LIN, MELI,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 4

ADI, BIIB, CEG, QCOM,  

Moving Below 30 DMA = 2

CCEP, CSCO,

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SPX, NDX Close at an All-time Closing High after Jobs Report...Communication Services, Consumer Staples, Consumer Discretionary Lead Sectors...META, AAPL, MSFT among Market Leaders...

© 2024

The SPX +30.17, 5,567, opened flat, after a Jobs Report that produced 206K jobs vs 189K consensus, but a 4.1% unemployment rate vs. 4.0% consensus, trended up, and closed above 5,500 for the third day at an all-time new closing high.  The NDX +1.02% also closed at a new all-time closing high.  META, AAPL, MSFT and TSLA were among today’s leaders. 

Fed Chair Powell spoke at the ECB Forum on Tuesday in a moderated panel with ECB President Christine Legarde and Brazil ‘s Roberto Campos Neto.  The market reacted to the upside after the panel. 

Powell again acknowledged that at last year’s ECB meeting there was a lot the Fed didn’t know that was going to occur in the second half of 2023 including seven months of much lower inflation rates. They continue to speak about the present and future in a way that suggests like last year, there is still a lot that they don’t know.

NVDA -2.45, -1.91%, 125.83, opened slightly lower, traded in a range above Wednesday’s S1 level. 

MU -5.22, -3.82%, reversed Wednesday’s bounce a closed below the high of the low day hammer on Monday, July 1 and is a BO re-test.

Mega caps META, GOOGL, AAPL, TSLA, MSFT, AMZN rose and NVDA fell on Friday.

SPY up 3.18 at 554.64, 41.4 million shares, below average volume

VIX up .22 at 12.48

QQQ up 5.12 at 496.16

WMT, INTC, AAPL, MSFT led the DJIA, 19 advancers, +5

META, BAX, AMD, WRK, STZ led the SPX, 237 advancers 

ARM, META, AMD, GFS led the NDX, 71 advancers

Up:  QQQ, SPY, DIA,

Down:  IWM,

Eight of eleven sectors were higher on Friday, led by XLC, XLP and XLY.

The SPY MFC green line is pointed up at 91.8 and is short-term bullish.

Uptrend sectors:  XLK, XLC, XLY, XLP, XLF, XLU, XLI, XLB, XLV, XLE,

Neutral sectors:  XLRE,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

71 of 100 NDX stocks closed higher on Friday.

65 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, META, ROP, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, AMGN, AMZN, BKR, CTSH, GILD, INTU, CSCO, DDOG, FANG, ARM, TEAM, FTNT, CSX, INTC, ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, MDB, MRVL, NXPI, CCEP, ILMN, LIN, MELI,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 4

CCEP, ILMN, LIN, MELI,

Moving Below 30 DMA = 1

MU,

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SPX, NDX Make New All-time Closing Highs...Technology, Basic Materials, Comsumer Discretionary Lead Sectors...Happy 4th of July Independence Day...

© 2024

Markets closed today at 1:00 pm ET and are closed tomorrow, Thursday July 4 for the 4^th of July Independence Day Holiday.  Markets will be open Friday, July 5.

The SPX +28.01, 5,537, opened flat, traded in a channel for the first hour of trading, then trended up, and closed above 5,500 for the second day at an all-time new closing high.  The NDX +0.87% also closed at a new all-time closing high. 

NVDA +5.61, +4.57%, 128.28, developed into a strong bounce, bull flag or channel depending on perspective. 

MU +4.23, +3.19%, opened flat, continued a bounce that started on Monday and Tuesday closed higher with a bull flag bounce continuation.  Buyers were in control.

Mega caps TSLA, NVDA, AAPL, MSFT, GOOGL, META rose and AMZN fell on Wednesday.

SPY up 2.45 at 551.46, 32.7 million shares, below average volume, early close 1:00 pm ET

VIX up .06 at 12.09

QQQ up 4.06 at 491.04

CRM, MCD, CAT, DIS led the DJIA, 14 advancers, -3

PARA, FSLR, TSLA, VST, NVDA led the SPX, 246 advancers 

TSLA, NVDA, AVGO, MU led the NDX, 48 advancers

Up:  QQQ, SPY,

Down:  IWM, DIA,

Seven of eleven sectors were higher on Wednesday, led by XLK, XLB and XLY.

The SPY MFC green line is pointed up at 89.7 and is short-term bullish.

Uptrend sectors:  XLK, XLC, XLY, XLP, XLF, XLU, XLI, XLB, XLV, XLE,

Neutral sectors:  XLRE,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up a little.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

48 of 100 NDX stocks closed higher on Wednesday.

62 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, META, ROP, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, AMGN, AMZN, BKR, CTSH, GILD, INTU, CSCO, DDOG, FANG, ARM, TEAM, FTNT, CSX, INTC, ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, MDB, MRVL, MU, NXPI, = 62

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 4

MDB, MRVL, MU, NXPI, 

Moving Below 30 DMA = 1

BIIB,

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SPX, NDX New all-time Closing Highs...Consumer Discretionary, Financial, Communication Services Lead Sectors...TSLA Leads SPX, NDX...

© 2024

The SPX +33.92, 5,509, opened higher, trended up, closed higher and formed a bullish engulfing pattern.  The SPX closed above 5,500 for the first time at an all-time new closing high.  The NDX +1.01% closed at a new all-time closing high.  

NVDA -1.63, -1.31%, 122.67, formed a white candle from the lower open. 

MU +1.07, +0.81%, opened lower, closed higher and formed a small bullish engulfing pattern.  Buyers were in control after three days of selling. A channel bounce.

Mega caps TSLA, META, AAPL, AMZN, MSFT, GOOGL, rose and NVDA fell on Tuesday.

SPY up 3.67 at 549.01, 40.4 million shares, below average volume.

VIX down .19 at 12.03

QQQ up 5.06 at 486.98

V, JPM, AAPL, AMZN led the DJIA, 17 advancers, +2

TSLA, PARA, GNRC, SMCI led the SPX, 338 advancers 

TSLA, ON, AMD, ARM led the NDX, 75 advancers

Up:  QQQ, SPY, DIA, IWM,

Down:  

Nine of eleven sectors were higher on Tuesday, led by XLY, XLF and XLC.

The SPY MFC green line is pointed up at 87 and is short-term bullish.

Uptrend sectors:  XLK, XLC, XLU, XLP, XLF, XLB, XLI, XLE,

Neutral sectors:  XLV, XLRE, XLY,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is sideways.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up a little

75 of 100 NDX stocks closed higher on Tuesday.

63 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, META, ROP, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, AMGN, AMZN, BKR, CTSH, GILD, INTU, CSCO, DDOG, FANG, ARM, TEAM, BIIB, FTNT, CSX, INTC, ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, = 59

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 6

AMD, ANSS, CPRT, GFS, ON, TXN,

Moving Below 30 DMA = 0

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SPX, NDX Close Higher, Form Hammer Candles...Technology, Consumer Discretionary, Financial Lead Sectors...

© 2024

The SPX +14.61, 5,475, opened higher, traded in a range, closed higher and formed a hammer.  The SPX closed above 5,400 for the thirteenth day.  The NDX +0.66% closed higher. 

NVDA +0.76, +0.62%, 124.30, formed a hammer candle pattern.  Morgan Stanley raises price target to $144 from $116. 

MU -0.01, -0.01%, opened lower, traded lower during the first 60 minutes, selling exhausted, buyers took control, MU re-broke out of horizontal resistance and formed a hammer.  Earnings were released after the close last Wednesday, 130.9 million shares traded Thursday, Friday and Monday, which is a minority of shares, at approximately 11.8%. This indicates that 88.2% of outstanding shares held by existing shareholders did not trade since earnings. A re-breakout setup.

Mega caps TSLA, AAPL, MSFT, AMZN, NVDA, GOOGL, META rose on Monday.

SPY up 1.12 at 545.34, 40.2 million shares, below average volume.

VIX down .22 at 12.22

QQQ up 2.81 at 481.92

MRK, AAPL, BA, GS led the DJIA, 15 advancers,

TSLA, CEG, CRWD, AVGO led the SPX, 124 advancers 

TSLA, MDB, ZS, AAPL led the NDX, 42 advancers

Up:  QQQ, SPY, DIA,

Down: IWM,  

Four of eleven sectors were higher on Monday, led by XLK, XLY and XLF.

The SPY MFC green line turned up at 84.5 and is short-term bullish.

Uptrend sectors:  XLK, XLC, XLU, XLP, XLF, XLB, XLI, XLE,

Neutral sectors:  XLV, XLRE, XLY,

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is up a little.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

42 of 100 NDX stocks closed higher on Monday.

57 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, META, ROP, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, KDP, AMGN, AMZN, BKR, CTSH, GILD, INTU, CSCO, DDOG, FANG, ARM, TEAM, BIIB, FTNT, CSX, INTC, ODFL, WDAY,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 4

CMCSA, CPRT, GFS, LIN,

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