SPX Regains Most of Tuesday's Pullback in Bull Flag Bounce...

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The SPX +62.75, +2.29% gapped higher Wednesday morning as oil prices firmed up and the Senate passed a $484 billion coronavirus aid bill that is expected to pass the House as soon as Thursday.  After the open the SPX continued its uptrend while regaining 72% of Tuesday’s pullback. 

After the close LVS +2.96, +7.21%, ORLY +11.84, +3.22% CSX +0.95, +1.56% rose on positive EPS reactions.

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

SPY up 6.06 at 279.10 on 93.1 million shares, below average volume, up on lower volume.

VIX down 3.43 at 41.98

INTC, MCD, NKE led the DJIA, 28 advancers, +28

CMG, TWTR, HAL, APA led the SPX, 407 advancers

LRCX, NXPI, AMAT, EXPE led the NDX, 92 advancers

The two-year trend term is up.

A new uptrend has emerged following a higher low W pattern reversal. 3-day short term trend is a bull flag bounce and is down.

Up: QQQ, SPY, DIA, IWM,

Down:

Breadth strengthened on Wednesday as advancers led 2,085 to 881 on the NYSE and led 2,178 to 1,074 on the NASDAQ

The SPX MFC green line is pointed up at 76.6 and is a short-term bullish.

Uptrend sectors:  XLV, XLP, XLK, XLY, XLB, XLC,

Neutral sectors:  XLU, XLRE, XLI, 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: Down

92 of 100 NDX stocks closed higher on Wednesday.

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

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 8

BKNG, CTAS, EXC, EXPE, FISV, MU, NXPI, WDC,

Moving Below 30 DMA = 1

BIIB,

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