Powell / Yellen, the Downside Dynamic Duo, Two Days too Many...SPY, QQQ, IWM Sink for Second Day...

 
© 2021
 
If you are ever thinking of who to book for an uplifting inspirational experience for friends and family, the Powell / Yellen duo might not be your first choice.
 
Kansas lyrics might be appropriate to describe Powell after three days in a row.
 
“Carry on my wayward son,
There’ll be peace when you are done,
Lay your weary head to rest,
Don’t you cry no more.”
 
Maybe it’s just too much of a good thing, who knows?
 
 
The DJI -3.09, -0.01%, closed at 32,420.  CRM, DIS, NKE and GS were the largest point decliners on Wednesday.
 
NDX -218.91, -1.68%, was a channel bounce down on Wednesday.
SPX -21.38, -0.55%, closed at 3,889, fell to Friday’s short-term support low.
 
TSLA -4.82%, sold back to Friday’s short-term support low.
 
Five of eleven sectors were higher on Wednesday, led by XLE, XLI and XLB.
 
Energy leaders: EOG, PSX, KMI, HES
Industrials leaders: KSU, WAB, IR, UNP
Basic Materials leaders: NUE, WRK, DOW, EMN
 
SPY down 1.98 at 387.52, on 97.5 million shares, average volume, down on higher volume.
VIX up 0.90 at 21.20
 
CVX, DOW, HON, AXP led the DJIA, 15 advancers, +7
LH, EOG, PSX, KMI led the SPX, 260 advancers.
AMZN, ASML, FISV, LRCX led the NDX, 24 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up: DIA,
Down: SPY, QQQ, IWM,
 
Advancers strengthened on Wednesday as decliners led 1,863 to 1,430 on the NYSE and led 3,219 to 1,001 on the NASDAQ.
 
The SPY MFC green line is pointed down and fell 7.5 to 69.4 and is defensive.  Price action is a pullback to Friday’s short-term support low.
 
 
Uptrend sectors:  XLC, XLI, XLF, XLB, XLRE, XLE, XLY, XLV, XLK,
Neutral sectors:  XLP, XLU,
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
 
24 of 100 NDX stocks closed higher on Wednesday.
 
31 NDX stocks are above their 30 DMA:   CMCSA, KHC, FOXA, FISV, ADP, ORLY, CSCO, PAYX, AEP, XEL, AMAT, EXC, FB, MDLZ, CHTR, CTSH, WBA, SIRI, TXN, FAST, AMGN, DLTR, GILD, PEP, CSX, MNST, COST, VRSK, VRSN, ASML, CERN,
 
NDX Stocks to Watch on Thurssday:
Moving Above 30 DMA = 2
ASML, CERN,
 
Moving Below 30 DMA = 10
CHKP, EBAY, INTC, MSFT, NFLX, NXPI, SBUX, TMUS, VRTX, WDAY,
 
 
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