Wednesday, May 12, 2021

Futures, Stocks Fall after a Higher than Expected CPI Report +0.08 vs +0.02 Expected...

 
 
© 2021
 
Futures dropped before the open after the CPI report at 8:30 am ET came in higher than expected.  After the CPI report, stocks were on the downside all day.  
 
 
DJI -681.50, -1.99%, closed at 33,587.  HD, HON, BA and MSFT were the largest point decliners on Wednesday.
NDX -349.64, -2.62%, closed at 13,001.
SPX -89.06, -2.14%, closed at 4,063.                 
 
TSLA 4.42%, pullback to six-week support.
 
SPY = broke support.
DIA = broke support.
QQQ = moving down towards support in a sideways channel.
IWM = broke short-term support in a channel.
 
One of eleven sectors was higher on Wednesday, led by XLE, XLV and XLF.
 
Energy leaders: VLO, SWN, SLB, OXY
Health Care leaders: VTRS, PRGO, CNC, INCY
Financial leaders: CME, AIZ
 
SPY down 8.80 at 405.41, on 134.8 million shares, above average volume, down on higher volume. 
VIX up 5.75 at 27.59
 
MRK, CVX, VZ, JNJ led the DJIA, 2 advancers, -0
NLOK, VTRS, PRGO, VLO led the SPX, 36 advancers.
SGEN, INCY, INTU, REGN led the NDX, 6 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: DIA, SPY, QQQ, IWM,
 
Advancers weakened on Wednesday as decliners led 2,900 to 473 on the NYSE and led 3,423 to 886 on the NASDAQ.
 
The SPY MFC green line crossed below 80, is pointed down at 78.3 and is defensive.  SPY is a break of support entry. 
 
 
Uptrend sectorsXLB, XLF, XLI, XLP, XLV, XLE, XLRE, XLC, XLY, XLU, XLK,
Neutral sectors: 
Down trend sectors:
 
The 6-month intermediate trend is up.  The ten-day trend is sideways.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market TrendDown
 
6 of 100 NDX stocks closed higher on Wednesday.
 
20 NDX stocks are above their 30 DMA:   ORLY, AEP, XEL, FAST, COST, CERN, VRSN, CHKP, ALXN, CHTR, MDLZ, CMCSA, KHC, PEP, BIIB, GILD, TMUS, AMGN, FOXA, REGN, SGEN,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 1
SGEN,
 
Moving Below 30 DMA = 16
ADP, ATVI, CPRT, CSCO, CSX, CTAS, EA, GOOGL, IDXX, ISRG, MRNA, MTCH, PAYX, PCAR, ROST, WBA,
 
 
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