SPX Gaps Below Low of High Day, Breaks Short-term Support...

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NDX -207.12, -2.03%, and SPX -80.86, -2.59%.  SPX gapped down below the low of the high day, Tuesday and moved lower, forming a lower open lower close red hammer.

All eleven sectors were lower on Wednesday, led by XLU, XLP and XLY

Utilities leaders:  ED, CNP, SRE

Staples leaders:  KR, HRL, MKC

Discretionary leaders:  TSCO, DG, CMG, DLTR

SPY down 7.96 at 304.09 on 132.8 million shares, above average volume, down on higher volume.

VIX up 2.47 at 33.84

WMT, PG, MCD led the DJIA, 0 advancers, -14

KR, TSCO CHRW DG led the SPX, 16 advancers

ZM, TMUS GILD NTES led the NDX, 6 advancers

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

Up:

Down: QQQ, SPY, DIA, IWM,

Breadth weakened on Wednesday as decliners led 2,634 to 350 on the NYSE and led 2,805 to 597 on the NASDAQ

The SPX MFC green line is pointed down at 72 and is defensive.  Price action broke below the short-term support low of the last six trading days.

Uptrend sectors:  XLY, XLK, XLV, XLC, XLB, XLI, XLF, XLRE, XLE,

Neutral sectors:  XLU, XLP,

Down trend sectors:

The 6-month intermediate trend is sideways.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

6 of 100 NDX stock closed higher on Wednesday.

60 NDX stocks are above their 30 DMA:  AMZN, CDNS, KHC, ASML, AVGO, IDXX, KLAC, LULU, MSFT, NVDA, SNPS, SWKS, FB, QCOM, AAPL, ADSK, EBAY, FAST, GOOGL, MCHP, MELI, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, CSGP, ZM, AMAT, JD, NTES, TMUS, CTAS, ADI, LRCX, AVGO, DLTR, MXIM, TXN, XLNX, ALXN, REGN, XEL, NXPI, EA, TTWO, ATVI, ILMN, ANSS, CTXS, DXCM, NFLX, SGEN, VRTX, AMGN, INCY, GILD, DOCU,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 20

ADP, BKNG, CDW, CERN, CTSH, EXPE, INTU, ISRG, LBTYA, MDLZ, MNST, MU, ORLY, PAYX, PCAR, PEP, SIRI, TCOM, VRSK, WBA,

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