SPX Opens, Closes Lower as Powell Speaks Before Senate...Utilities, Energy, Industrials Lead Sectors...TSLA, Mega Caps Lower on Heavy Selling...

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-SPX -23.02, opened lower, closed lower and formed a red spinning top.

-SPX was lower before Powell’s semi-annual meet with House Finance Committee.

-Fed speak from Goolsbee and Bostic today.

-SPX closed near Thursday’s S-2 level or open, two point below Tuesday’s low,

-now a three-day bull flag setup.

-VIX down .68, a 52-week and three-year closing low.

-Breadth weakened on Wednesday.

-TSLA -14.99, -5.64% gives back Tuesday’s gains.

-Regional banks continue to grind: KRE -0.65, -1.54%, ZION +.10, +0.36%

-Powell at Senate Banking Committee Thursday, 10 am ET.

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

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

SPY down 2.24 at 434.94, on 76.8 million shares, below average volume, down on similar volume.

VIX down .68 at 13.20

QQQ down 5.00 at 361.90,

UNH, PG, MRK, CVX led the DJIA, 12 advancers, +7

CTVA, FMC, PDG, PWR led the SPX, 251 advancers

DLTR, CSGP, BKR, ORLY led the NDX, 30 advancers.

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

Up:  

Down:  IWM, DIA, SPY, QQQ,

Six of eleven sectors were higher on Wednesday, led by XLU, XLE and XLI.

The SPY MFC green line is pointed down at 87.1 and is counter-trend defensive.  SPY opened and traded lower, before during and after Powell’s testimony before the Senate.

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

Neutral sectors:  XLU, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

30 of 100 NDX stocks closed higher on Wednesday.

72 NDX stock are above their 30 DMA:  AAPL, AMZN, CPRT, ISRG, CSGP, MSFT, NVDA, CEG, LRCX, META, VRSK, FTNT, ZS, NFLX, AMAT, ASML, KLAC, AVGO, MRVL, SNPS, RIVN, TSLA, WDAY, CSCO, ADBE, TEAM, CTAS, PANW, CDNS, NXPI, ANSS, COST, PDD, ATVI, INTC, QCOM, ADSK, BKR, CSX, DXCM, MCHP, ABNB, ADP, HON, JD, PAYX, PCAR, ALGN, CTSH, SIRI, CMCSA, GFS, WBA, ADI, FAST, INTU, SGEN, LULU, REGN, ROST, VRTX, GILD, ODFL, GEHC, AMGN, EXC, IDXX, PYPL, BKNG, MAR, ORLY, SBUX,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 4

BKNG, MAR, ORLY, SBUX,

Moving Below 30 DMA = 12

AMD, AZN, CRWD, DDOG, EA, EBAY, GOOG, GOOGL, KDP, MU, TXN, ZM,

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