SPX Rebounds after Rapid Selloff to Close Slightly Higher...Real Estate, Utilities, Technology Lead Sectors...CPI Wednesday BMO, FOMC Minutes 2 pm ET...

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The SPX +7.52, 5,209.91, opened slightly higher, fell in a sharp 90 minute selloff and rallied back to close higher on Tuesday. 

Wednesday’s CPI Report - Core M/M 0.03% and Y/Y 3.7% expected vs. prior of 0.04% and 3.8%.  Tol be released BMO, 8:30 am ET.  The FOMC Minutes to be released at 2:00 pm ET.

Friday is the unofficial start of earnings season with BMO reports from JPM, C, WFC, BLK, STT, PGR.  Also on Friday, the PPI Report will be released BMO, 8:30 am ET.

MRNA +6.51, +6.19%, led the SPX and NDX following positive results of head and neck cancer vaccine in early study. 

NVDA -17.79, -2.04%, 853.54, opened higher, reversed, traded below support during the first 90 minutes, rallied above support and closed lower for a second day.

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

SPY up .60 at 519.32 on 68.1 million shares, near average volume,

VIX down .21 at 14.98

QQQ up 1.63 at 442.23

CSCO, NKE, INTC, UNH led the DJIA, 21 advancers, +9

MRNA, FMC, ENPH, PODD, TECH led the SPX, 330 advancers 

MRNA, PANW, ADI, ON led the NDX, 71 advancers

Up:  IWM, QQQ, SPY,

Down:  DIA,

Nine of eleven sectors were up on Tuesday, led by XLRE, XLRU and XLK

The SPY MFC green line is pointed down at 72.2 and is 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 sideways.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

71 of 100 NDX stocks closed higher on Tuesday.

54 NDX stocks are above their 30 DMA:  CTAS, AMZN, DASH, NFLX, CDW, PCAR, CEG, QCOM, FANG, EXC, CPRT, MU, CSGP, BKR, AZN, DXCM, PYPL, MSFT, GOOGL, ANSS, PEP, KHC, TTD, AVGO, KDP, AEP, TTWO, ADP, META, XEL, ODFL, ADI, AMAT, ASML, BKNG, FAST, LRCX, MAR, MRNA, MRVL, PAYX, ADP, CDNS, DDOG, MCHP, ABNB, CSCO, ISRG, KLAC, NXPI, PDD, TEAM, TXN, WBD,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 9

ABNB, CSCO, ISRG, KLAC, NXPI, PDD, TEAM, TXN, WBD,

Moving Below 30 DMA = 1

SNPS,

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