The Lord’s Prayer
Our Father, who art in heaven, hallowed be thy name. Thy Kingdom come, Thy Will be done, on earth as it is in heaven. Give us this day our daily bread and forgive us our trespasses, as we forgive those who trespass against us. And lead us not into temptation, but deliver us from evil. Amen
9:00 am
Good Morning!
SPX futures declined to 7632.70 this morning as the MAG 7 face a total wipeout. However, SPX has not damaged the rising Fractal in place since June. The rising Fractal remains intact above 7500.00.
Zerohedge reports, “US futures slide with Nasdaq futures tumbling more than 2%, as the AI reckoning that started with Alphabet’s record plunge claims two more megacaps: Amazon slides after a capex shock and the slowest e-commerce growth in three years, while Intel craters 26% after a guide that was “much weaker than expected”…”
NDX futures cratered to 28607.90 this morning. However, the floor for the bull market is the mid-Cycle support at 28105.30. The Master Cycle mayhave been extended to today and remains within the guidelines. The NDX remains in the uptrend above the mid-Cycle support at 28105.30, regardless of performance of individual stocks.
Zerohedge observes, “AI infrastructure stocks tumbled in premarket trading in New York after disappointing results from Amazon and Intel. Amazon is down about 7% following Thursday’s earnings report, as cash burn surged and weak guidance spooked investors.
Shifting focus to Intel, shares are down 25% in premarket trading. If losses carry into the cash session and exceed 26%, the stock could be on track for its worst intraday decline in Bloomberg data going back to 1982.”
The DJIA declined to 52153.10 this morning, remaining above Intermediate support at 51816.00 and on a (qualified) buy signal. We may see an extension of a Master Cycle low in the SPX and NDX. HOwever, the DJIA low remains intact.