SPX Opens Lower, Selling Exhausts and Reverses as FOMC Chair Powell Reports to Congress...

 
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Futures moved lower overnight, and the SPX opened lower and sold off sharply reportedly in anticipation of Fed Chair Powell reporting before Congress.  Selling had exhausted around 10 am ET when he began to speak, and the markets reversed off of their early morning lows.  DIA, SPY and IWM are bull flag setups.
 
NDX –29.03, -0.22%, pulled back for a sixth day.   SPX +4.87, +0.13%, closed at 3,881, and formed a hammer candle pattern.
 
TSLA -2.19% gapped lower and fell to 619 before reversing and closing at 698.
 
Eight of eleven sectors were higher on Tuesday, led by XLE, XLU and XLC. 
 
Energy leaders: MRO, HES, PXD, WMB,
Utilities leaders: NRG, EVRG, DTE, XEL
Communication Services leaders: DIS, NFLX, FB, LUMN
 
SPY up .47 at 387.50 on 107.2 million shares, above average volume, up on higher volume.
VIX down .34 at 23.11
 
DIS, V, CVX, VZ led the DJIA, 16 advancers, +2
MRO, WYNN, MGM, VNO led the SPX, 269 advancers.
MAR, MTCH, XEL, NTES led the NDX, 36 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up: SPY, DIA,
Down: QQQ, IWM,
 
Advancers weakened on Tuesday as decliners led 1,975 to 1,258 on the NYSE and led 2,953 to 1,146 on the NASDAQ.
 
The SPY MFC green line is pointed down at 82.2 and is counter-trend defensive.  Price action is a six-day bull flag setup near 50% Fib level.
 
Uptrend sectors:  XLF, XLC, XLE, XLK, XLY, XLB, XLV, XLI, XLRE,
Neutral sectors:  XLU, XLP,
Down trend sectors:
 
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: Down
 
36 of 100 NDX stocks closed higher on Tuesday.
 
48 NDX stocks are above their 30 DMA:   AMAT, ASML, AVGO, BIDU, ILMN, SWKS, INTC, PDD, KLAC, EBAY, BIIB, CTAS, GOOGL, MSFT, WDC, DXCM, MU, ATVI, CDW, JD, NVDA, NXPI, OKTA, PYPL, TEAM, WDAY, CMCSA, INTU, ROST, CTAS, IDXX, MCHP, MTCH, KHC, MAR, TCOM, ADI, LRCX, BKNG, FOXA, MXIM, FISV, ADP, PAYX, CSX, FB, NFLX, NTES,
 
 
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 3
FB, NFLX, NTES,
 
Moving Below 30 DMA = 7
ALGN, ANSS, MRNA, ORLY, PCAR, TXN, ZM,
 
 
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