Wednesday, March 8, 2023

SPX Forms Hammer after One-day Pause...VIX Falls as Powell Finishes Report to Congress...Real Estate, Technology, Utilities Lead Sectors...


© 2023

  

-SPX +5.64 opens flat, trades in a range, closes slightly higher.
-QQQ, SPY reverse, forming a hammer and move above the LOHD.
-VIX closed .48 lower.
-Powell semi-annual report to House produces a trading range on Wednesday. 
-CRWD +3.99, +3.19%, on a positive EPS reaction
-CME FedWatch Tool probability for 50 bps hike rises to 78.6%.

DXY, TLT and TNX closed higher, while /CL and GLD moved lower.

Mega caps NVDA, AAPL, GOOGL, AMZN, META rose, MSFT, TSLA fell.


iBB:  In our model account we maintain a net long position.  We added LCV positions and principle protection adjustments today.  Shifting to short-term bullish.


SPY up .65 at 398.92, on 74.5 million shares, below average volume, up on lower volume.
VIX down .48 at 19.11
QQQ up 1.48 at 297.82

INTC, CAT, HD, WBA led the DJIA, 13 advancers, +12
ON, ANET, DXC, WBD led the SPX, 287 advancers
MRVL, AMD, NVDA, GFS led the NDX, 65 advancers.

The two-year trend term is up a little.  The one-year trend down a little.

Up:  QQQ, SPY, IWM,
DownDIA,

Seven of eleven sectors were higher on Wednesday, led by XLRE, XLK and XLU.

The SPY MFC green line turned up to 38 and is short-term bullishSPY opened flat and traded in a range as Powell testified to the House.

Uptrend sectors:   XLK, XLC, XLY, XLI, XLB, XLF, XLRE,
Neutral sectors:  XLE, XLP, XLU, XLV,
Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendDown


65 of 100 NDX stocks closed higher on Wednesday.

37 NDX stock are above their 30 DMA:   ALGN, BKNG, META, SGEN, ANSS, CDNS, ABNB, FISV, NVDA, CPRT, FAST, PANW, ADI, FTNT, GFS, CRWD, ORLY, DXCM, CSCO, MELI, MCHP, AMAT, AVGO, PCAR, AMD, ATVI, OKTA, ODFL, VRSK, AAPL, MAR, TEAM, MNST, INTU, SNPS, TXN, WBD,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 4
INTU, SNPS, TXN, WBD,


Moving Below 30 DMA = 3
BKR, REGN, WDAY,



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