SPX Leads as XLE Turns Neutral and Discretionary Make Strong Gains...

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After the Close Review of Wednesday’s market action… SPY,  QQQ, DIA, IWM, XLK, XLV, XLRE, XLU, XLB, XLE, BIDU, JBHT, AAPL, MCHP, ATVI, AMAT, NFLX, TSCO, FB, MU, DLTR, GPS, M, KSS, HD, LOW, HBI…

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Consumer Discretionary stocks GPS, M, KSS, FOSL, CMG, VIAB, HD, LOW, CHTR and HBI made strong moves on Wednesday.

Nine sectors were higher on Wednesday, led by energy XLE +1.63% and discretionary XLY +0.62%.

SPY up .84 at 246.90 on 57.9 million shares, 13% below average.  Up on lower volume.

VIX down .60 at 11.63.

Oil up .53 to 49.15

TLT down .79 at 127.67…on 9.0 million shares, 23% above avg.  Down on lower volume. 

HD +2.37%, and CVX +2.15%, led the DJIA, 17 advancers.

GPS +7.45%, HP +5.89% and M +5.52% led the SPX.

VIAB +2.88%, NFLX +2.71%, CSX +2.49%, and CHTR +2.33%, led the NDX.

Intermediate and long term up trend intact.  3-day short term trend is down.

Up: SPY, QQQ, DIA, IWM

Down:

Breadth strengthened on Wednesday as advancers led 1,787 to 1,084 on the NYSE and led 1,575 to 1,254 on the NASDAQ.

The SPY MFC green line is up at 71, bullish.

Uptrend sectors:  XLK, XLV, XLRE, XLU, XLB,

Neutral sectors: XLE, XLP, XLY, XLI, XLF,

Down trend sectors:

Intermediate-term trending stocks:  PYPL, ADBE, FB, ATVI, EA, MCD, V, ALGN, ANET, TTWO, CBOE, RACE, FCAU, CCL, RCL, WUBA, NVDA, BA, SQ, CC, AABA, TRU, LYV, TAL, BABA, A, EDU, SHOP, EXPE, AA,

70 of 100 NDX stocks closed higher and one was unchanged on Wednesday.

67 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

AKAM, CSX, INTC, LBTYA, NCLH, NFLX, SHPG

Moving Below 30 DMA = 3

EA, SBUX, TSLA

The intermediate and long-term trends are still up.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

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