Futures Open Higher then Fade on Tax Bill News...MU, BB, FDX Gap Up on EPS...

After the Close Review of Wednesday’s market action…IWM, SPY, QQQ, DIA, XLE, XLI, CSCO, INTC, CAT, HD, BA, BB, MU, FDX, RHT, X, STLD, NUE, MSFT, AAPL, EBAY, GOOGL, STX, VIX, and more breakout and bull flag setups…technical analysis insights…10:23 pm PST

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Three sectors were higher on Wednesday, led by energy XLE +1.41% and industrials XLI +0.33%.

SPY down .14 at 267.03 on 76.7 million shares, 4% below average volume.  Down on similar volume.

VIX down .31 at 9.72

Oil up .37 to 58.03

TLT down 1.39 at 124.14…on 9.7 million shares, 25% above average volume.  Down on lower volume.

CSCO +1.15%, and INTC +1.11%, led the DJIA, 9 advancers.

AA +5.89%, CHK +4.71%, and CXO +4.63%, led the SPX.

MU +4.02%, ALXN +2.27%, BIIB +1.97%, SWKS +1.83%, and WYNN +1.69%, led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is up.

Up: IWM

Down: SPY, QQQ, DIA,

Breadth strengthened on Wednesday, as decliners led 1,455 to 1,447 on the NYSE and advancers led 1,443 to 1,413 on the NASDAQ.

The SPY MFC green line is in the upper zone at 91, bullish.

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

Neutral sectors: XLU

Down trend sectors:

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past week and it is appropriate to wait for the uptrend to resume before considering entry… CBOE, VRSN, WYNN, BA, MCD, CAT, TRU, LYV, FCAU, CCL, RCL, SQ, CC, EDU, AA, ADBE, PYPL, ALGN, V, MU, FB, A, ISRG, TTWO, AABA, BABA, CDNS, ANET, RNG, WUBA, SHOP, ATVI, WB, LRCX, NVDA, RACE, TAL,

44 of 100 NDX stocks closed higher on Wednesday.

63 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 3                            

CTSH, EA, MU,

Moving Below 30 DMA = 4

FB, REGN, SBUX, XRAY

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

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