SPY, DIA, QQQ, IWM Form Two-day Bull Flag...IBM, PG, UTX & WAT Gap Higher on EPS...

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SPY, DIA, QQQ and IWM after a higher open sold off below Tuesday’s low and rallied to form a hammer in a two-day bull flag price pattern:

• SPY volume slips to 86 million,
• DIA leads with positive EPS reactions from IBM, UTX and PG,
• WAT +12.69%, after EPS,
• Positive earnings reaction after-hours from XLNX +9.99% and LRCX +6.44%

  

The DJIA, closed up 171 points at 24,575, led by strength in IBM, UTX, PG, MCD and UNH.  

Eight of eleven sectors were higher on Wednesday, led by staples XLP +1.19% and utilities XLU +1.01%.

SPY up .55 at 263.40 on 86.0 million shares, 35% below average volume. Up on lower volume.

VIX down 1.28 at 19.52 

Oil down 1.00 at 52.99

TLT down .05 at 120.32 on 5.7 million shares. 

IBM +8.46%, UTX +5.38%, led the DJIA, 17 advancers, +13

WAT +12.69%, SYF +10.73% and PG +4.87%, led the SPX.

CMCSA +5.49%, FISV +3.07%, ALXN +2.37%, and CERN +2.08% led the NDX.

Long term up trend intact.  3-day short term trend is sideways.

Up: DIA, SPY, QQQ,

Down: IWM,

Breadth strengthened on Wednesday, as decliners led 1,462 to 1,406 on the NYSE and led 1,529 to 1,463 on the NASDAQ

The SPY MFC green line is pointed up at 72 and is short-term bullish.

Uptrend sectors:  

Neutral sectors:  XLU, XLRE, XLB, XLY, XLC, XLV, XLI, XLK, XLP, XLF, XLE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Sideways

45 of 100 NDX stocks closed higher on Wednesday.

84 NDX stocks are above their 30 DMA:  DLTR, REGN, WDAY, XRAY, ROST, LULU, CELG, INCY, NFLX, AMGN, AMZN, BIIB, CDNS, CTRP, EA, EBAY, FB, GILD, INTC, PCAR, PYPL, TMUS, VRTX, WYNN, XLNX, AMD, CTAS, MELI, NTES, TXN, ULTA, VRSN, ADBE, ADSK, BMRN, HAS, INTU, MCHP, ADI, AMAT, AVGO, ISRG, KLAC, LRCX, NXPI, SNPS, CTXS, FAST, JBHT, MDLZ, MNST, NVDA, PAYX, SWKS, WLTW, CSX, ALXN, CTSH, EXPE, GOOGL, IDXX, KHC, MSFT, MXIM, NTAP, ORLY, VRSK, ALGN, ADP, CHKP, COST, CSCO, FISV, MU, SBUX, ASML, FOXA, LBTYA,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 6

BKNG, CERN, CMCSA, JD, MAR, PEP,

Moving Below 30 DMA = 3

AAL, MYL, TTWO,

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