NDX, SPX Led by Bounce in Big Tech...

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NDX +268.64, +2.31%, opened and closed higher completing a channel bounce from a higher low after a two-day pullback, closing above Tuesday’s high.  NDX is a channel bounce continuation setup.  The NDX rally was led by strength in AAPL, AMZN, MSFT, FB, TSLA, NVDA, GOOGL, PYPL and ADBE.
 
SPX +27.13, +0.77%, closes at 3,572, made a bull flag bounce on Wednesday closing above the high of Tuesday’s hammer candle and is a flag bounce continuation setup.
 
After a two-day selloff, buyers rotated back into big tech, communication services and consumer discretionary stocks on Wednesday.  
 
Six of eleven sectors were higher on Wednesday, led by XLK, XLC and XLY. 
 
Technology leaders: QCOM, QRVO, NVDA, PYPL
Communication Services leaders: NWSA, DISH, TTWO, TWTR
Consumer Discretionary leaders: ETSY, CMG, DPZ, AMZN
 
SPY up 2.63 at 356.67 on 58.6 million shares, below average volume, up on lower volume.
VIX down 1.35 at 23.45
 
AAPL, CRM, MSFT, MCD led the DJIA, 11 advancers, -11
ETSY, NWSA, QCOM, BIO led the SPX, 238 advancers
ZM, MRNA, PDD, MELI led the NDX, 78 advancers
 
The two-year trend term is up.  The one-year trend is up.
 
Up: QQQ, SPY,
Down: IWM, DIA,
 
Advancers weakened on Wednesday as advancers led 1,535 to 1,512 on the NYSE and led 1,984 to 1,515 on the NASDAQ
 
The SPY MFC green line is pointed up at 82 and is bullish.  Price action is a bull flag bounce.
 
Uptrend sectors:  XLU, XLB, XLI, XLY, XLC, XLP, XLV, XLK,
Neutral sectors:  XLF, XLRE,
Down trend sectors: XLE,
 
The 6-month intermediate trend is up.  The ten-day trend is up.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Up
 
78 of 100 NDX stocks closed higher on Wednesday.
 
70 NDX stocks are above their 30 DMA:   IDXX, QCOM, ADP, XLNX, BIDU, SIRI, EXC, ALGN, GOOGL, PDD, EXPE, NXPI, PAYX, CSX, ADSK, CDW, CERN, CPRT, KLAC, LRCX, PCAR, TXN, XEL, ADI, AMAT, CTSH, DLTR, FAST, MAR, MCHP, MU, MXIM, SBUX, VRSK, WBA, ALXN, ASML, BKNG, CTAS, FB, FISV, INCY, INTU, MNST, TCOM, TMUS, AAPL, ISRG, MRNA, WDC, AMGN, CMCSA, ROST, ULTA, CHTR, CSCO, MDLZ, ORLY, PEP, ANSS, AVGO, CDNS, COST, FOXA, JD, KHC, LULU, MELI, MSFT, NTES, SNPS,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 12
ANSS, AVGO, CDNS, COST, FOXA, JD, KHC, LULU, MELI, MSFT, NTES, SNPS,
 
Moving Below 30 DMA = 1
LBTYA,
 
 
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