SPX Bounces after Tuesday's Reversal BO Test, Highest Close since March 10...

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The SPX +90.57, +3.41% trended up on Wednesday after a strong open.  The SPX broke out of a W pattern on Monday, did a BO on Tuesday and made a test bounce to close at its highest level since March 10.   VIX closed at its lowest level since March 6.

All eleven sectors were higher on Wednesday, led by XLRE, XLE and XLU

SPY up 8.90 at 274.03 on 153.7 million shares, below average volume.  Up on lower volume.

VIX down 3.35 at 42.40

RTX, UNH, DOW led the DJIA, 28 advancers, +13

GCI, APA, WELL, SWN led the SPX, 478 advancers

UAL, MAR, AAL, NXPI led the NDX, 91 advancers

Two-year trend term is up.  A new 3-week uptrend has emerged following a higher low W pattern reversal.  3-day short term trend is up.

Up: IWM, DIA, SPY, QQQ,

Down:

Breadth strengthened on Wednesday as advancers led 2,673 to 324 on the NYSE and led 2,779 to 528 on the NASDAQ

The SPX MFC green line is pointed up at 38.7 and is a short-term bullish. 

Uptrend sectors:  XLK, XLV,

Neutral sectors:  XLU, XLRE, XLC, XLP,

Down trend sectors: XLY, XLI, XLB, XLF, XLE,

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: Up

91 of 100 NDX stocks closed higher on Wednesday.

80 NDX stocks are above their 30 DMA:  CTXS, SGEN, AMZN, CDNS, NFLX, REGN, TTWO, VRTX, ALXN, NTES, INCY, AMGN, ATVI, CHKP, CSCO, EA, GILD, ILMN, INTC, KHC, VRSN, XLNX, AMD, ANSS, AVGO, CHTR, COST, CSX, IDXX, ISRG, JD, KLAC, LULU, MDLZ, MSFT, MU, MXIM, NVDA, ORLY, PCAR, PEP, SNPS, SWKS, TMUS, TXN, VRSK, ADI, FB, LRCX, QCOM, SBUX, WLTW, AAPL, ADP, ADSK, AMAT, BIIB, CDW, CERN, CMCSA, CSGP, CTSH, DLTR, EBAY, FAST, FISV, FOXA, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, ROST, SPLK, ULTA, WDAY, WDC, XEL,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 28

AAPL, ADP, ADSK, AMAT, BIIB, CDW, CERN, CMCSA, CSGP, CTSH, DLTR, EBAY, FAST, FISV, FOXA, GOOGL, INTU, LBTYA, MCHP, MELI, MNST, PYPL, ROST, SPLK, ULTA, WDAY, WDC, XEL,

Moving Below 30 DMA = 0

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