The trading week that ended on Friday July 19 was tough for stocks. As a result, the major indices worked off extreme overbought conditions on the daily charts, and quickly. But the daily uptrends in the 14-day relative strength index and the daily moving-average convergence/divergence were broken. The more worrisome condition existed with the high-beta indices like the Nasdaq 100 (QQQ). It broke an uptrend off the lows since early May, the 21-day rate of change was in negative territory, there had been multiple days of distributive action, the five-day/13-day exponential crossover was bearish, and price was sitting on the prior low from June 24 near $474. In addition, the biggest QQQ issues either were close to breaking or have had broken below their 50-day averages. But on Monday, July 22, it was semiconductors to the rescue! The major semi indices/ETFs spiked over 4% after taking it on the chin (though not really, considering how far they have come) since July 10. The chip stocks propelled the Information Technology sector and the sector reignited the Nasdaq, Nasdaq 100 (QQQ), and the S&P 500 (SPX). And it wasn't just tech, as nine of the 11 SPX sectors rose. The semi heavyweights did their usual thing, with NVDA up 5%, ASML +5.3%, QCOM +4.7%, AMAT +6.3%, LRCX +6.6%, and KLAC +6%. Yet it was only one day and the indices and ETFs rebounded only to the underside of their five-day exponential moving averages (EMAs). All of them remained on five-/day13-day EMA crossover sell signals and all have broken their uptrends off the early May secondary lows. The S&P 400 bounced 1.3% after hitting its 13-day EMA, and the Russell 2000 popped 1.7%, rebounding off its 10-day EMA. For the indices, there isn't a lot of resistance overhead and new all-time highs are not far away. It's very possible that the upcoming earnings reports will decide the short-term fate of the market, and it is also possible that the bearish seasonals may dictate the near term. Looking out to the end of 2024 and into 2025, there seems to be significant evidence that new highs will be posted, this based on historical studies that detail what prices have done since October 2022 as well as October 2023. In addition, based on the width and depth of the base traced out in 2022 and 2023, there are measured moves that target higher prices.

Danaher is a diversified life sciences and diagnostics company with global operations. Its products and solutions support the biopharma industry in the development and production of therapies. Its Diagnostics segment provides clinical instruments, reagents, and consumables to hospitals, physicians' offices, and reference laboratories. In March 2020, it acquired the GE Biopharma business and renamed it Cytiva. Danaher has continued to make acquisitions, including Aldevron in 2021 and Abcam in 2023. These acquisitions broaden its technology offering and expand manufacturing capabilities.

In 1984, Danaher’s founders transformed a real estate organization into an industrial-focused manufacturing company. Through a series of mergers, acquisitions, and divestitures, Danaher now focuses primarily on manufacturing scientific instruments and consumables in the life science and diagnostic industries after the late 2023 divesititure of its environmental and applied solutions group, Veralto.

In 1984, Danaher’s founders transformed a real estate organization into an industrial-focused manufacturing company. Through a series of mergers, acquisitions, and divestitures, Danaher now focuses primarily on manufacturing scientific instruments and consumables in the life science and diagnostic industries after the late 2023 divesititure of its environmental and applied solutions group, Veralto.