SPX Slides after Powell Press Conference...AAPL, MCD, BA, GE, NSC Positive EPS Reactions...

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Earnings Season Day 11.  Tuesday afternoon AMC 14 and Wednesday BMO 26 more SP 500 company reported.

Gainers: GE, PGR, AVY, DOW, NSC, NDAQ, TROW, TXT, ROL, IR AAPL, ALK, MCD, BA, GLW, MPC, PFG, RCL, WRB, MA, +20

Decliners: TEL, GD, ROK, EQR, BP, MXIM, SYK, IVZ, SBUX, SWK, MKTX, NVR, T, ADP, EBAY, CHRW, AMD, ANTM, HES, XLNX, -20

/ES futures rose 7 points overnight until Wednesday’s open.  After the open the futures sold of 20 points and the rose to new high after the Fed announced rates were unchanged.  During Powell’s press conference, the /ES again dropped more than 20 points.  Futures closed down 11 points at 3,272.  

Four of eleven sectors were higher on Wednesday, led by XLI, XLB and XLU.

SPY down .27 at 326.62 on 54.0 million shares, below average volume.  Down on lower volume.

VIX up .11 at 16.39

DOW, AAPL, MCD led the DJIA, 9 advancers, -15

LB, GE, PGR led the SPX, 189 advancers

FB, TSLA, AAPL, ASML led the NDX, 32 advancers

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

Up: QQQ, DIA,

Down: SPY, IWM,

Breadth weakened on Wednesday as advancers led 1,464 to 1,455 on the NYSE and decliners led 1,986 to 1,230 on the NASDAQ

The SPX MFC green line is below 80 and is pointed down at 71 and is now defensive due to price action moving down. 

Uptrend sectors:  XLU, XLK, XLRE, XLP, XLC, XLI, XLY, XLV, XLF,

Neutral sectors:  XLB,

Down trend sectors: XLE,

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: Down

32 of 100 NDX stocks closed higher on Wednesday.

52 NDX stocks are above their 30 DMA:  AAPL, MSFT, ADBE, ADSK, EA, LULU, MNST, WLTW, VRSK, GOOGL, NXPI, JD, NVDA, TSLA, ULTA, VRSN, CSX, PYPL, WDC, CTAS, CDNS, INTU, XEL, EXC, FB, NFLX, SNPS, IDXX, INTC,  ANSS, CPRT, CSGP, SPLK, TMUS, CTXS, MELI, WDAY, FISV, VRTX, PAYX, COST, CHKP, PEP, SIRI, AMZN, ATVI, AVGO, CTSH, LRCX, NTES, TTWO, BMRN,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

BMRN,  

Moving Below 30 DMA = 10

ADP, AMD, CHTR, CSCO, EBAY, MDLZ, MU, MXIM, SGEN, SIRI,

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