A Volatile Wide Range Day...Trend Continuation Led by Financial and Industrial Sectors...

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NDX +52.07, +0.55%, and SPX +44.36, +1.48%, closed higher after a volatile, wide range candle, trading day.  The NDX did a breakout test formed a hammer and is a bull flag setup.  The SPX opened higher, sold off below Tuesday’s low before rallying to a breakout continuation move. 

IWM led the broad market ETFs on Wednesday.

All eleven sectors were higher on Wednesday, led by XLF, XLI and XLRE

SPY up 4.45 at 303.53 on 104.8 million shares, average volume, up on higher volume.

VIX down .39 at 27.62

AXP, GS, JPM led the DJIA, 27 advancers, +3

GPS, JWN KSS DFS led the SPX, 428 advancers

MU, AAL, ULTA, SIRI led the NDX, 77 advancers

The two-year trend term is up.  The one-year trend is sideways.

A nine-week uptrend emerged following a higher low W pattern reversal in March. Today was a volatile wide range candle breakout continuation move.

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth was similar on Wednesday as advancers led 2,420 to 550 on the NYSE and led 2,260 to 1,061 on the NASDAQ

The SPX MFC green line is pointed up at 93.7 and is short-term bullish.  Price action is a breakout trend continuation.

Uptrend sectors:  XLV, XLK, XLP, XLY, XLC, XLB,

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

The 6-month intermediate trend is down a little.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

77 of 100 NDX stocks closed higher on Wednesday.

85 NDX stocks are above their 30 DMA:  SGEN, AMZN, CDNS, TTWO, ATVI, CSCO, EA, ILMN, KHC, AVGO, CHTR, IDXX, ISRG, KLAC, LULU, MSFT, MXIM, NVDA, ORLY, SNPS, SWKS, ADI, FB, QCOM, SBUX, AAPL, ADSK, EBAY, FAST, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, FISV, NXPI, CPRT, ZM, AMAT, JD, NTES, TMUS, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, NTAP, ADI, ANSS, AVGO, BKNG, CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TXN, XLNX, INCY, PAYX, ULTA, WDC, EXC, AAL, ALXN, MU, SIRI, TCOM, UAL, WBA, ADP, CTSH, VRTX,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 3

ADP, CTSH, VRTX,

Moving Below 30 DMA = 0

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