Open Higher, Close Higher...IWM, DIA, SPY, QQQ Bounce Before and After FOMC...Energy, Financial, Technology Lead Sectors...

 
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Futures rallied overnight with stock indexes opening higher ahead of Wednesday’s FOMC announcement and Fed Chair Powell’s press conference at 2:30 pm ET.  Index ETFs SPY, DIA, IWM and QQQ all closed higher and above the high of the low day for entry triggers.
 
SPX closed below 4,400 for the third day and NDX closed above 15,000.
 
FDX -22.99, -9.12% and ADBE -19.81, -3.07% fell on Wednesday on a negative EPS reaction reported Tuesday after the close.
 
 
SPY up 4.23 at 437.86, on 102.3 million shares, above average volume, up on higher volume.  
VIX down 3.49 at 20.87
QQQ up 3.42, +0.93% at 369.57
 
 
BA, CVX, AXP, GS led the DJIA, 25 advancers, +10
APA, DVN HFC, MGM led the SPX, 414 advancers.
BKNG, NXPI, JD, NVDA led the NDX, 82 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, DIA, SPY, QQQ,
Down:
 
SPY = channel bounce > HOLD
DIA = channel bounce > HOLD
QQQ = channel bounce > HOLD
IWM = channel bounce > HOLD
 
Nine of eleven sectors were higher on Wednesday, led by XLE, XLF and XLK.
 
Energy leaders: APA, DVN HFC, FANG
Financial leaders: CMA, BEN AON, ZION
Technology leaders: NXPI, NVDA, IT, GPN
 
Advancers strengthened on Wednesday as advancers led 2,675 to 673 on the NYSE and led 3,175 to 1,283 on the NASDAQ.
 
The SPY MFC green line is pointed down at 33.2 and is short-term bearish.  SPY bounced above and bounced above the HOLD at of short-term support. 
 
 
Uptrend sectors:  XLY, XLK, XLC, XLRE, XLF, XLP, XLU, XLV,
Neutral sectors:  XLI, XLB,
Down trend sectors: XLE,
 
The 6-month intermediate trend is up.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Up
3-day Short Term Market Trend: Down
 
82 of 100 NDX stocks closed higher on Wednesday.
 
44 NDX stocks are above their 30 DMA:  INTU, ILMN, DXCM, TEAM, CDNS, QCOM, VRSK, ALGN, ASML, MCHP, NFLX, TSLA, AVGO, KLAC, BKNG, OKTA, MRNA, MTCH, ADI, LULU, AMAT, TXN, MAR, ISRG, ORLY, FOXA, SGEN, BIDU, MRVL, PDD, TCOM, AMZN, CPRT, CRWD, CTAS, EXC, JD, LRCX, MELI, MRVL, MSFT, MU, NVDA, NXPI, XLNX,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 14
AMZN, CPRT, CRWD, CTAS, EXC, JD, LRCX, MELI, MRVL, MSFT, MU, NVDA, NXPI, XLNX,
 
 
Moving Below 30 DMA = 3
GILD, INCY, SNPS,
 
 
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