SPX, NDX Closed Higher...Health Care, Real Estate, Financial Led Sectors...JNJ Leads DJI on Positive EPS Reaction...

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SPX +19.94, 6,263, opened higher after better-than-expected PPI report, pulled back and reversed to form a hammer.  Core PPI M/M 0.0% vs 0.2% estimate, Y/Y 2.6% vs 2.6% estimate. Headline PPI M/M 0.0% vs 0.2% estimate, Y/Y 2.3% vs 2.5% estimate.

NDX +0.10% a hammer. 

DJI, 44,254 +0.53%, hammer in a bull flag setup.   

Breadth strengthened significantly on Wednesday.

TSLA +10.89, +3.50%, channel bounce, C-pattern break out.

AVGO -0.13, -0.05%, trading range spinning top.

JNJ +9.61, +6.19%, gap up horizontal breakout after a positive EPS reaction BMO.

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EPS Thursday 12 SPX companies report including ABT, CFG, CTAS, ELV, FITB, GE, MMC, PEP, SNA, TRV, USB BMO and NFLX AMC.

Q2 First day reaction:

Positive: JNJ, OMC, PGR, JBHT, PLD, C, FAST, = 7

Neutral: PNC, GS, BAC, BK, JPM = 5

Negative: MTB, MS, WFC, BLK, STT = 5

Bold is > +5% or -5%

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Mega caps TSLA, TSM, GOOGL, AAPL, BRK/B, NVDA rose and AVGO, MSFT, META, AMZN fell on Wednesday. 

SPY up 2.08 at 624.22, 88.9 million shares, above average volume

VIX down .22 at 17.16,

QQQ up .57 at 557.29

JNJ, AMGN, CAT, MRK led DJIA, 19 advancers, +15

GPN, JNJ, APO, OMC led SPX, 343 advancers,

ARM, WBD, TSLA, MSTR led NDX, 58 advancers,

Up: IWM, DIA, SPY, QQQ,

Down:

The SPY MFC green line is flat at 92.9 and is short-term bullish. -0.8

Ten of eleven sectors were higher on Wednesday led by XLV, XLRE and XLF.

Uptrend sectors: XLK, XLC, XLI, XLY, XLU, XLF, XLB,

Neutral sectors: XLRE, XLP, XLE, XLV,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

58 of 100 NDX stocks closed higher on Wednesday.

52 NDX stocks are above their 30 DMA: ADI, AMAT, AVGO, DDOG, KLAC, LRCX, MCHP, MSFT, NVDA, AMD, AMZN, CSCO, ON, CSX, TXN, WBD, DASH, SBUX, NXPI, CSGP, GFS, BKNG, GEHC, MAR, PCAR, ANSS, GOOGL, AEP, HON, SNPS, CDNS, FAST, PEP, AAPL, CCEP, ABNB, AMGN, TTD, VRTX, MSTR, REGN, ORLY, PLTR, PDD, KHC, XEL, TTWO, ARM, FTNT, MDB, PDD, TSLA,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

TSLA,

Moving Below 30 DMA = 8

ASML, BKR, CEG, DXCM, META, MRVL, MU, NFLX,

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