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The SPX -31.35 opened lower, sold off quickly at 10 am ET after the ISM Services
Index reported a better than expected 54.5 vs 52.4 and the ISM Non-Manufacturing
Prices reported 58.9 vs. 56.8 prior.
Some reporting the view that the report suggests the potential for interest
rates to stay higher for longer.
All seven mega-caps fell after the reports, but there was also
news on all seven including developments at AAPL, NVDA and TSLA that
factored into their individual trading activity.
Breadth weakened on Wednesday and remained negative.
Mega
caps MSFT, META, GOOGL, AMZN, TSLA, NVDA, AAPL
fell on Wednesday.
SPY down 3.02 at 446.22, on 70.7 million shares, average volume, closed lower on higher
volume.
VIX up .44 at 14.45
QQQ down 3.33 at 374.74
CRM, DOW, WMT, INTC led the DJIA, 8 advancers, -0
ZBH, PODD, FTI, CNC led the SPX, 208 advancers
DXCM, CHTR, TTD, XEL led the NDX, 46 advancers.
The two-year trend term is sideways. The
one-year trend is up.
Up:
Down: QQQ, SPY, DIA, IWM,
Two of eleven sectors were higher on Wednesday, led by XLU, XLE and
XLF.
The SPY
MFC green line is turned down at 62.7 and is short-term defensive. SPY
opened lower, sold off after the ISM Services report at 10 am ET, and closed
lower.
Uptrend sectors: XLE,
XLV, XLC, XLF, XLI, XLY, XLB, XLK,
Neutral sectors: XLRE, XLP,
Down trend sectors: XLU,
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
46 of 100 NDX stocks
closed higher on Wednesday.
46
NDX stocks are above their 30 DMA: CEG, ROST,
FANG, CSCO, GOOGL, REGN, CTSH, NVDA, ODFL, BKR,
INTU, SGEN, VRSK, ADBE, ALGN, AMAT, CDNS, TEAM, WDAY, BKNG, CTAS, KLAC,
MELI, PANW, SNPS, AMZN, INTC, LRCX, MU, NFLX, ORLY, PDD, ANSS, EBAY, ISRG, ON,
ZM, ZS, CRWD, LULU, CSGP, MSFT, ABNB, TSLA, TTD, AVGO,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 1
AVGO,
Moving Below 30 DMA = 5
AAPL, ADP, AMD, AMGN, QCOM,
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