SPX Opens Higher Closes Lower, Forms Bearish Engulfing Candle...Energy, Utilities, Financial Lead Sectors...NVDA Pulls Back, XLK Rebalance Friday...

© 2024

The SPX -13.86, 5,473, opened higher at a new intraday all-time high, formied a bearish engulfing pattern closed lower.  The SPX closed above 5,400 for a sixth day. The SPY and NDX -0.76% made new all-time intraday highs before closing lower. Breadth weakened slightly on Thursday. 

Fed members Kashkari, Barkin, and Daly spoke on Thursday.

NVDA -4.80, -3.54%, 130.78, made a new all-time intra-day high before reversing, forming a bearish engulfing candle and closing lower.  SPDR indicated that effective June 21 NVDA weighting in XLK will rise to about 21% from about 6%.  Tigress Financial raises price target to $170 from $98.50.  NVDA slips to second behind MSFT for largest market cap.

AVGO -67.96, -3.77%, pulled back for a second day forming a bull flag price pattern.  It has a 10 for 1 stock split on July 15. 

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

SPY down 1.49 at 547.00 on 70.3 million shares, above average volume.

VIX up .80 at 13.28

QQQ down 3.74 at 481.47

CRM, CVX, IBM, AMZN led the DJIA, 23 advancers, +3

GILD, CAN, EPAM, WRK, PARA led the SPX, 289 advancers 

GILD, SIRI, AMD, CTSH led the NDX, 51 advancers

Up:  DIA,

Down:  SPY, IWM, QQQ,

Eight of eleven sectors were higher on Thursday, led by XLE, XLU and XLF.

The SPY MFC green line is flat at 96.0 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.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

51 of 100 NDX stocks closed higher on Thursday.

63 NDX stocks are above their 30 DMA:  AZN, GOOGL, TSLA, COST, TTD, VRSK, AAPL, ADI, QCOM, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, EA, CDW, ROST, HON, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, MRVL, TSLA, ADBE, ABNB, CDW, CPRT, KDP, PAYX, CEG, AMD, AMGN, AMZN, ANSS, BKR, CTSH, GEHC, GFS, GILD, INTU, SIRI,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 11

AMD, AMGN, AMZN, ANSS, BKR, CTSH, GEHC, GFS, GILD, INTU, SIRI,

Moving Below 30 DMA = 4

NXPI, PCAR, TTWO, TXN,

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SPX, NDX, SPY, QQQ New All-time Closing High...Financial, Industrials, Energy Lead Sectors...Markets Closed Wednesday....

© 2024

Markets will be closed on Wednesday, June 19, for Juneteenth National Independence Day, making this week a four-day trading week

The SPX +13.8, 5,487, a new all-time closing high. The SPY, QQQ and NDX +0.03% made new all-time closing highs. Breadth was mixed on Tuesday. 

Fed members Barkin, Collins, Musalem, Logan and Goolsbee spoke on Tuesday.

NVDA +4.60, +3.51%, 135.58, made a new all-time high on Tuesday.  SPDR indicated that effective June 21 NVDA weighting in XLK will rise to about 21% from about 6%.  Rosenblatt raises price target to $200 from $140.  Wells Fargo raises price target to $155 from $125.  NVDA surpasses MSFT as largest cap stock as MSFT stock pulls back.

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

SPY up 1.39 at 548.49 on 41.3 million shares, below average volume.

VIX down .45 at 12.30

QQQ up .15 at 485.21

GS, VZ, HD, JPM led the DJIA, 20 advancers, -4

GEV, WBA, TER, VST, URI led the SPX, 308 advancers 

WBA, SIRI, CEG, MU led the NDX, 50 advancers

Up:  SPY, IWM, DIA, QQQ,

Down: 

Eight of eleven sectors were higher on Tuesday, led by XLF, XLI and XLE.

The SPY MFC green line is flat at 96.6 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.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

50 of 100 NDX stocks closed higher on Tuesday.

56 NDX stocks are above their 30 DMA:  AZN, GOOGL, TXN, TSLA, COST, TTD, VRSK, AAPL, ADI, QCOM, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, TTWO, EA, CDW, ROST, HON, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, MRVL, TSLA, ADBE, ABNB, CDW, CPRT, KDP, NXPI, PAYX, PCAR, CEG,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

CEG,

Moving Below 30 DMA = 6

ANSS, BIIB, CCEP, FTNT, INTC, PDD,

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SPX, SPY, NDX, QQQ Make New All=time Closing Highs...Technology, Communication Services Lead Sectors...AVGO Makes a New Closing High...

© 2024

The SPX +41.63, 5,473, opened slightly lower after political developments in France continued to dampen pre-market futures.  It traded in a range for 90 minutes before turning up to close at a new all-time closing high.  The SPX closed above 5,400 for a fourth day. The SPY, QQQ and NDX +1.24% made new all-time closing highs. Breadth strengthened on Monday. 

Fed members Williams, Harker, Kugler and Cook spoke on Monday.

NVDA -0.90, -0.68%, 130.98, uptrend paused on Monday.  SPDR indicated that effective June 21 NVDA weighting in XLK will rise to about 21% from about 6%.

AVGO +93.83, +5.41%, made a new all-time closing high continuing it post EPS beat uptrend.  It has a 10 for 1 stock split on July 15.

TSLA +9.43, +5.30%, 187.44, bounced off its 30 DMA.

Markets will be closed on Wednesday, June 19, for Juneteenth National Independence Day, making next week a four-day trading week.

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

SPY up 4.32 at 547.10 on 55.8 million shares, above average volume.

VIX up .09 at 12.75

QQQ up 5.87 at 485.06

AAPL, INTC, NKE, HON led the DJIA, 24 advancers, +11

ADSK, AVGO, TSLA, SMCI led the SPX, 357 advancers 

ADSK, AVGO, TSLA, MU led the NDX, 75 advancers

Up:  QQQ, IWM, SPY, DIA,

Down:  

Eight of eleven sectors were higher on Monday, led by XLK, XLC and XLP.

The SPY MFC green line is flat at 96.6 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.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

75 of 100 NDX stocks closed higher on Monday.

61 NDX stocks are above their 30 DMA:  AZN, GOOGL, PDD, TXN, TSLA, COST, TTD, VRSK, AAPL, ADI, QCOM, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, TTWO, EA, CDW, ROST, BIIB, HON, CCEP, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, FTNT, MAR, MRVL, TSLA, ADBE, ABNB, ANSS, CDW, CPRT, INTC, KDP, NXPI, PAYX, PCAR,

NDX Stocks to Watch on Tuesday:

Moving Above 30 DMA = 9

ABNB, ANSS, CDW, CPRT, INTC, KDP, NXPI, PAYX, PCAR,

Moving Below 30 DMA = 2

CEG, DDOG,

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SPX Closes Slightly Lower as the NDX, QQQ and SPY Make New All-time Closing Highs...Technology, Communication Services Lead Sectors...4-day Trading Week...

© 2024

The SPX -2.14, 5,431, opened slightly lower after political developments in France turned futures lower in the pre-market, offsetting gains from positive EPS reaction from ADBE and traded in a narrow range.  The SPX closed above 5,400 for a third day. The SPY, QQQ and NDX +0.42% made a new all-time closing highs. Breadth was mixed on Friday.

New Fed speak opinions from Mester and Goolsbee added intraday fluctuations to Friday’s trading range.

NVDA +2.27, +1.75%, 131.88, made an all-time closing high.

ADBE +66.57, +14.51%, beat earnings and revenue estimates, raised guidance and made positive comments regarding adoption of its AI functionality.

AVGO +56.05, +3.34%, made an all-time closing high after an EPS beat with revenues from AI at $3.1 billion and announcing a 10 for 1 stock split July 15.

TSLA -4.46, -2.44%, 178.01, fell back into its 5-week trading range the day shareholders voted to ratify Musk’s $56 billion 2018 pay package.

Markets will be closed on Wednesday, June 19, for Juneteenth National Independence Day, making next week a four-day trading week.

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

SPY up .33 at 542.78 on 40.0 million shares, below average volume.

VIX up .72 at 12.66

QQQ up 2.47 at 479.19

CRM, AXP, WMT, CSCO led the DJIA, 13 advancers, -2

ADBE, HAS, AVGO, NOW, NFLX led the SPX, 134 advancers 

ADBE, MDB, AVGO, SIRI led the NDX, 47 advancers

Up:  QQQ, SPY,

Down:  DIA, IWM,

Four of eleven sectors were higher on Friday, led by XLK, XLC and XLP.

The SPY MFC green line is turned up at 96.7 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.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

47 of 100 NDX stocks closed higher on Friday.

54 NDX stocks are above their 30 DMA:  AZN, GOOGL, PDD, TXN, TSLA, COST, TTD, VRSK, AAPL, ADI, QCOM, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, TTWO, EA, CDW, ROST, BIIB, HON, CCEP, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CEG, CTAS, PANW, LIN, ORLY, ADSK, DDOG, FTNT, MAR, MRVL, TSLA, ADBE,

NDX Stocks to Watch on Monday:

Moving Above 30 DMA = 1

ADBE,

Moving Below 30 DMA = 10

ANSS, CDW, DASH, IDXX, KDP, MRNA, NXPI, ON, PAYX, PCAR,

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SPX, NDX New All-time Closing Highs after AVGO EPS Beat and Better-than-expected PPI Report...Technology, Real Estate Lead Sectors...After-hours: ADBE +14% on EPS...

© 2024

The SPX +12.71, 5,433, opened higher, after futures rose overnight following AVGO earnings report and a better-than-expected PPI report at 8:30 am ET.  After the open the SPX filled the gap, traded in a range and closed above 5,400 again at a new all-time closing high. The NDX +0.57% also made a new all-time closing high. Breadth weakened on Thursday. 

The PPI report BMO was better-than-expected: Core M/M 0.0% vs 0.3% consensus, Y/Y 2.3% vs 2.4% consensus.

NVDA +4.41, +3.52%, 129.61, opened and closed higher.

AVGO +183.48, +12.27%, beat earnings and revenue estimates Wednesday after the close and said revenues from AI was $3.1 billion.

TSLA +5.18, +2.92%, 182.47, shareholders voted to ratify Musk’s $56 billion 2018 pay package.

After-hours:  ADBE +67.69, +14.76%, beat earnings and revenue estimates while posting record revenues.

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

SPY up 1.09 at 542.45 on 44.7 million shares, slightly below average volume.

VIX down 0.10 at 11.94

QQQ up 2.57 at 476.72

JPM, HD, UNH, PG led the DJIA, 15 advancers, +7

SMCI, AVGO, ANET, INCY, QRVO led the SPX, 185 advancers 

AVGO, NVDA, TSLA, EXC led the NDX, 29 advancers

Up:  QQQ, SPY,

Down:  DIA, IWM,

Five of eleven sectors were higher on Thursday, led by XLK, XLRE and XLU.

The SPY MFC green line is turned down slightly at 95.8 and is short-term bullish.

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

Neutral sectors:  XLY, XLV, 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

29 of 100 NDX stocks closed higher on Thursday.

63 NDX stocks are above their 30 DMA:  AZN, GOOGL, PDD, MRNA, TXN, NXPI, TSLA, COST, TTD, VRSK, AAPL, ADI, ON, QCOM, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, TTWO, EA, CDW, ROST, BIIB, HON, CCEP, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CEG, CTAS, IDXX, PANW, CDW, LIN, ORLY, PAYX, ADSK, ANSS, DASH, DDOG, FTNT, MAR, MRVL, TSLA, KDP, PCAR,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 2

KDP, PCAR,

Moving Below 30 DMA = 4

ABNB, AMD, AMZN, MCHP,

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SPX Closes Above 5,400, a New All-time Closing High...NDX, APPL All-time Closing High...Technology, Consumer Discretionary Lead Sectors...After-hours: AVGO Soars on EPS Beat, AI Revenues...

© 2024

The SPX +45.71, 5,421, opened higher, trended up, after a better-than-expected CPI report, closed above 5,400 for the first time at a new all-time closing high. The NDX +1.33% also made a new all-time closing high. Breadth strengthened on Wednesday.

Futures soared pre-market as the CPI report BMO was better-than-expected: Core M/M 0.2% vs 0.3%, Y/Y 3.4% vs 3.5%.

The FOMC announcement of no change was as expected, and the press conference reaction was neutral as early gains were maintained.

NVDA +4.29, +3.55%, 125.20, opened and closed higher.

After-hours:  AVGO +220.79, +14.76%, beat earnings and revenue estimates and said revenues from AI was $3.1 billion.

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

SPY up 4.41 at 541.36 on 63.2 million shares, above average volume.

VIX down 0.81 at 12.04

QQQ up 6.13 at 474.15

AAPL, HD, MSFT, GS led the DJIA, 8 advancers, -4

ORCL, SWKS, EFX, GEV led the SPX, 296 advancers 

TTD, ADSK INTU, MU led the NDX, 62 advancers

Up:  IWM, QQQ, SPY,

Down:  DIA,

Five of eleven sectors were higher on Wednesday, led by XLK, XLY and XLI.

The SPY MFC green line is turned down slightly at 96.2 and is short-term bullish.

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

Neutral sectors:  XLY, XLV, 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

62 of 100 NDX stocks closed higher on Wednesday.

65 NDX stocks are above their 30 DMA:  AZN, GOOGL, PDD, MRNA, TXN, NXPI, TSLA, COST, TTD, VRSK, AAPL, ADI, ON, QCOM, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, TTWO, EA, CDW, ROST, BIIB, HON, CCEP, CMCSA, META, ROP, SBUX, MSFT, AVGO, CRWD, LIN, LRCX, ZS, AMZN, ILMN, CEG, CTAS, IDXX, PANW, CDW, LIN, ORLY, PAYX,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 11

ABNB, ADSK, AMD, ANSS, DASH, DDOG, FTNT, MAR, MCHP, MRVL, TSLA,

Moving Below 30 DMA = 6

ADP, ILMN, INTC, PYPL, WBD, XEL,

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