Trading Range, Powell Testimony, Followed by Slightly Lower Close...

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NDX +33.11, +0.33%, and SPX -11.25, -0.36%.  SPX opened slightly higher, traded in a range and closed slightly lower on Wednesday as Jerome Power testified before the House Finance Committee.   

The SPX, DJI and NDX were bull flag bounce continuation moves.

One of eleven sectors was higher on Wednesday, led by XLC, XLK and XLV                  

SPY down 1.30 at 311.66 on 83.0 million shares, below average volume, down on lower volume.

VIX down .20 at 33.47

PFE, HD, V led the DJIA, 7 advancers, -23

AAP, AON, NWSA, WLTW led the SPX, 152 advancers

BMRN, ATVI, NXPI, ASML led the NDX, 54 advancers

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

Up: QQQ,

Down: SPY, DIA, IWM

Breadth weakened on Wednesday as decliners led 1,980 to 972 on the NYSE and led 2,109 to 1,268 on the NASDAQ

The SPX MFC green line is pointed down at 65.7 and is counter-trend defensive.  Price action is a 5-day bull flag, bounce and pause today above the HOLD.

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 sideways.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

54 of 100 NDX stock closed higher on Wednesday.

83 NDX stocks are above their 30 DMA:  AMZN, CDNS, KHC, AVGO, IDXX, ISRG, KLAC, LULU, MSFT, NVDA, ORLY, SNPS, SWKS, FB, QCOM, AAPL, ADSK, EBAY, FAST, GOOGL, MCHP, MELI, MNST, PYPL, SPLK, WDAY, ADBE, ALGN, TSLA, BMRN, VRSK, ZM, AMAT, JD, NTES, TMUS, CTAS, EXPE, LRCX, AVGO, BKNG, CDW, CMCSA, DLTR, MXIM, PCAR, TXN, XLNX, PAYX, EXC, AAL, ALXN, MU, SIRI, UAL, REGN, XEL, NXPI, EA, TTWO, ADP, ATVI, CHTR, CSCO, CSX, CTSH, ILMN, LBTYA, AMD, ANSS, CPRT, CTXS, DXCM, MDLZ, CERN, CHKP, INTU, NFLX, ROST, SGEN, WBA, WDC,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

VRTX,  

Moving Below 30 DMA = 5

FOXA, MAR, NTAP, SBUX, TCOM,

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