© 2020
NDX +127.09, +1.28%, and SPX
-17.04, -0.53%. The NDX closed at a new all-time high
for the fourth straight day on a breakout continuation move. Technology sector led the market for the
second straight day. TSLA, MSFT NVDA
AAPL ADBE, AMZN were among the NDX’s top leaders.
The SPX
is a two-day pause, after breaking above its Mar 3 intermediate-term
resistance on Friday.
The
FOMC announced they are keeping rates near zero and expect rates to stay low
until the economy recovers. Stocks
initially rallied after the announcement but sold off with the SPX, DJI
and RUT closing near daily lows.
One
of eleven
sectors was higher on Wednesday, led by XLK,
XLV and XLP
SPY down 1.79 at 319.00 on 95.0 million shares, average volume, down on higher
volume.
VIX unchanged at 27.57
MSFT, AAPL, INTC led the DJIA, 7 advancers, +4
CRM, NVDA, NOW, RMD led the SPX, 106 advancers
TSLA, ZM, IDXX, SGEN led the NDX, 51 advancers
The two-year trend term
is up. The one-year trend is up.
Up: QQQ,
Down: SPY,
DIA, IWM,
Breadth strengthened
moderately on Wednesday as decliners led 2,164 to 805 on the NYSE and led 2,180 to 1,214 on the NASDAQ
The SPX
MFC green line is pointed down at 95 and is short-term bullish.
Price action is a 2-day bull flag pullback.
Uptrend sectors: XLY, XLK, XLV, XLC, XLB,
Neutral sectors:
XLI, XLE, XLF, XLRE, XLU, XLP,
Down trend sectors:
The 6-month intermediate
trend is sideways. The ten-day trend is up.
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Sideways
51 of 100 NDX stocks
closed higher on Wednesday.
93 NDX stocks are above their 30 DMA: AMZN, CDNS, CSCO, ILMN,
KHC, 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, CPRT, ZM, AMAT, JD,
NTES, TMUS, CHKP, CSX, CTAS, EXPE, FOXA, INTC, LRCX, ADI, ANSS, AVGO, BKNG,
CDW, CMCSA, CSX, DLTR, INTC, MAR, MXIM, NXPI, PCAR, ROST, TXN, XLNX, PAYX,
ULTA, WDC, EXC, AAL, ALXN, MU, SIRI, TCOM, UAL, ADP, CERN, MDLZ, REGN, XEL,
WBA, NXPI, NTAP, EA, ATVI, TTWO, VRSN, AMD, GILD, NFLX, PEP, COST, SGEN,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 2
COST, SGEN,
Moving Below 30 DMA = 0
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