FOMC Chairman Sinks Stocks Again...

© 2018

Fed Chairman continues to improve his skill at sinking stocks.  After sending stocks down following the Sep 26 meeting and on October 3 with his now infamous neutral rate comments, Powell is able to sink the SPX 39 points after raising rates .25% and answering questions at his press conference. 

The DJIA, closed down 351 points at 23,323, led by weakness in BA, AAPL, MMM, JNJ and UNH.  This is the tenth close below 25,000 since Dec 6.

All eleven sectors were lower on Wednesday.

SPY down 3.82 at 251.26 on 214.9 million shares, 85% above average volume. Down on higher volume.

VIX unchanged at 25.58 

Oil up 1.17 at 47.41

TLT up 1.58 at 121.18 on 23.0 million shares. 

VZ +0.38%, TRV -0.12%, led the DJIA, 1 advancer, -13

GE +5.36%, GIS +5.04% and AIG +4.74%, led the SPX.

SHPG +1.51%, ESRX +0.81%, PAYX +0.68%, and MELI +0.50% led the NDX.

Long term up trend intact.  3-day short term trend is down.

Up: 

Down: SPY, DIA, QQQ, IWM

Breadth weakened on Wednesday, as decliners led 2,156 to 799 on the NYSE and led 2,266 to 786 on the NASDAQ

The SPY MFC green line is turned down at 11 and is short-term bearish.

Uptrend sectors:   XLU,

Neutral sectors:  XLRE, XLV, XLP, XLB,

Down trend sectors: XLI, XLY, XLC, XLK, XLF, XLE,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

8 of 100 NDX stocks closed higher on Wednesday.

6 NDX stocks are above their 30 DMA.  NTES, WDAY, REGN, AVGO, QCOM, DLTR,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 3

FB, FOXA, PYPL,

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