Lower Open Followed by Broad Rally Sends SPX Higher for Second Day in a Row...

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Futures opened significantly lower Wednesday morning, after China announced additional tariffs on U.S. goods.  As soon as the markets opened the SPX +30.24, +1.16%, began to rally and closed higher.  Three days in a row the SPX rallied from the 2,575 area or below to close higher.  Today is the highest SPX close in six days and the first time since March 9 that the index had two consecutive up days.

The DJIA, closed up 230 points at 24,264, led by strength in IBM, UNH, HD, AAPL, MSFT, JNJ and GS. (152 points) 

Nine sectors were higher on Wednesday, led by discretionary XLY +1.84% and staples XLV +1.56%.

SPY up 2.79 at 263.56 on 123.6 million shares, 9% above average volume. Up on higher volume.

VIX down 1.04 at 20.06

Oil down .01 to 63.56

TLT down .25 at 120.69 on 6.6 million shares.

MSFT +2.92%, IBM +2.85% led the DJIA, 26 advancers.

FOSL +10.36%, LEN +10.04% and DHI +6.41%, led the SPX.

TSLA +7.26%, ADBE +4.22%, and CELG +4.19%, led the NDX.

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

Up: QQQ, IWM, SPY, DIA

Down:

Breadth strengthened on Wednesday, as advancers led 1,994 to 895 on the NYSE and led 2,158 to 747 on the NASDAQ.

The SPY MFC green line turned up today and is at 21, bullish. 

Uptrend sectors:  XLRE, XLU,

Neutral sectors: XLY, XLF, XLV, XLI, XLB, XLE, XLK

Down trend sectors: XLP,

Intermediate-term trending stocks:  Many of these stocks have had significant pull backs over the past month and it is appropriate to wait for the uptrend to resume before considering entry… ADBE, FCAU, WIX, MU, SQ, RNG, WYNN, AA, WUBA, SHOP, BA, NVDA, RACE, VRSN, V, MAR, ALGN, IBKR, ATVI, WB, ANET, ISRG, TAL, EA, EBAY, LYV, CAT, CCL, RCL, TRU, WYN, PYPL, A, AABA, BABA, FB, CBOE, TTWO, EDU, CC,

92 of 100 NDX stocks closed higher on Wednesday.

17 NDX stocks are above their 30 DMA.  STX, WYNN, SHPG, ADBE, HSIC, REGN, SBUX, VRSK, ADP, ADSK, CELG, DLTR, EXPE, INTU, ROST, ULTA, VOD,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 9

ADP, ADSK, CELG, DLTR, EXPE, INTU, ROST, ULTA, VOD,

Moving Below 30 DMA = 0

The intermediate and long-term trends are still up.  The three-month trend is sideways.  The seven-day trend is sideways.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

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