SPX Closes Higher after Economic Data and Powell Comments Lead to Choppy Trading...Communication Services, Energy, Basic Materials Lead Sectors...

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The SPX +5.68, 5205.81, opened lower after the ADP Employment report was higher than expected and at 10 am ET moved 26 points higher after a weaker than expected ISM Services Index report.  The SPX pulled back and then rallied as Jerome Powell spoke, beginning at 12:10 pm ET.  The index began to move lower an hour before the close before rising 15 points into the close.

Fed members Bowman, Goolsbee, Barr and Kugler also spoke Wednesday.  Eight more Fed speakers on Thursday.  

Jobs Report Friday BMO at 8:30 am ET. 

PARA +1.76, +14.97% led the SPX on reports PARA is in talks with Skydance. 

NVDA -4.88, -0.55%, 889.64, opened slightly lower, reversed, traded in a range and closed slightly higher.

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

SPY up .57 at 519.41 on 58.7 million shares, below average volume, closed higher on lower volume 

VIX down .28 at 14.33

QQQ up .99 at 442.10

CAT, DOW, IBM, AMZN led the DJIA, 14 advancers, +7

PARA, GE, NRG, ENPH led the SPX, 274 advancers 

MU, FTNT, WBD, NFLX led the NDX, 51 advancers

Up:  IWM, QQQ, SPY,

Down:  DIA,

Seven of eleven sectors were up on Wednesday, led by XLC, XLE and XLB

The SPY MFC green line is pointed down at 89.8 and is counter-trend defensive.

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

Neutral sectors:  XLU, XLRE,

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

51 of 100 NDX stocks closed higher on Wednesday.

50 NDX stocks are above their 30 DMA:  CTAS, NVDA, AMZN, DASH, NFLX, ORLY, AMAT, CDW, FAST, KLAC, PCAR, CEG, LIN, QCOM, FANG, EXC, CPRT, MU, CSGP, BKR, AZN, DXCM, MCHP, PYPL, MSFT, GOOGL, ANSS, LRCX, PEP, ASML, KHC, TTD, AVGO, BKNG, KDP, ADI, AEP, MRVL, TXN, TTWO, ADP, META, XEL, CDNS, FTNT, MAR, ODFL, SNPS, TMUS, WBD,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

CDNS, FTNT, MAR, ODFL, SNPS, TMUS, WBD,

Moving Below 30 DMA = 6

ADP, CSCO, HON, INTC, MRNA, PAYX,

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