SPX, NDX Breakout of Horizontal Resistance...FB, AMZN Hit New All-time High...Jobless Claims Before Open on Thursday...

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NDX +186.48, +2.00%, and SPX +48.67, +1.67%, gapped up from Tuesday’s close and broke through horizontal resistance.  SPX closed at its highest level since March 6.  The NDX made its highest close since Feb 20, the day after it made a new all-time closing high.

Weekly Jobless Claims report is Thursday at 8:30 a.m. ET, before the market open.  Consensus estimate is 2,375,000 new claims.

All eleven sectors were higher on Wednesday, led by XLE, XLC and XLF

SPY up 4.96 at 296.93 on 85.8 million shares, below average volume, up on lower volume.

VIX down 2.54 at 27.99

DIS, INTC, AXP led the DJIA, 24 advancers, +21

MGM, NOV AA, TWTR led the SPX, 416 advancers

ADI, ASML, FB, UAL led the NDX, 86 advancers

The two-year trend term is up.  The one-year trend is sideways.

An eight-week uptrend emerged following a higher low W pattern reversal in March. However, the trend’s upward momentum has slowed significantly over the past three weeks but has returned to resistance broke out today for an uptrend continuation.

Up: IWM, QQQ, SPY, DIA,

Down:

Breadth strengthened on Wednesday as advancers led 2,361 to 586 on the NYSE and led 2,611 to 698 on the NASDAQ

The SPX MFC green line is turned up at 89 and is short-term bullish.  Price action is a horizontal resistance breakout.

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

Neutral sectors:  XLE, XLU, XLRE, XLI, XLF,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

86 of 100 NDX stocks closed higher on Wednesday.

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

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

ALXN, EXC, INCY, MU, PAYX, ULTA, WDC,

Moving Below 30 DMA = 1

SIRI,  

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