SPX Opens Lower after Higher than Expected CPI Report...Breadth Weakens...Utilities, Staples, Health Care lead Sectors...RIVN IPO...

 
 
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SPX, DJI, NDX, RUT opened lower, closed lower and each is forming a bull flag setup after two days of pull back.
 
RIVN IPO was priced at $78 and opened trading at 1 pm ET at 106.75.  At the same time, SPY/SPX which had been in a trading range up to that point, made a lower high, rolled over and the SPX sold off 41 points over the next one hour and 45 minutes to its low of the day.  
 
 
Monday: RUT, DJIA, SPX all-time closing high
Tuesday: TSLA Selloff, Flag pullbacks
Wednesday: CPI report BMO, higher than expected, futures pulled back.
Thursday: Veteran’s Day, bond trading closed.
 
SPX closed at 4,646, and NDX closed at 15,985
 
 
SPY down 3.76 at 463.62, on 69.4 million shares, average volume, down on higher volume.  
VIX up .95 at 18.73
QQQ down 5.81, -1.47% at 389.51
 
 
MRK, V, JNJ, PG led the DJIA, 12 advancers, -1
MA, VTR, PFE, WU led the SPX, 194advancers.
TSLA, PDD, NTES, GILD led the NDX, 30 advancers. 
 
The two-year trend term is up.  The one-year trend is up.
 
Up:
Down: DIA, SPY, QQQ, IWM,
 
SPY = two-day bull flag
DIA = two-day bull flag
QQQ = three-day bull flag
IWM = two-day bull flag
 
Three of eleven sectors were higher on Wednesday, led by XLU, XLP and XLV.
 
Utilities leaders: PNW, FE, WEC, AEE
Consumer Staples leaders: HSY, KMB, MKC, ADM
Health Care leaders: PFE, LH, CAH, DGX
 
Advancers weakened on Wednesday as decliners led 2,301 to 1,066 on the NYSE and led 3,385 to 1,309 on the NASDAQ.
 
The SPY MFC green line is pointed down at 93.5 and is counter-trend defensive.  SPY is a bull flag. 
 
 
Uptrend sectors:  XLY, XLK, XLB, XLI, XLP, XLRE, XLE, XLF, XLV,
Neutral sectors:  XLC, 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
 
30 of 100 NDX stocks closed higher on Wednesday.
 
73 NDX stocks are above their 30 DMA:  TSLA, MAR, SGEN, DLTR, PAYX, ADP, CSX, TEAM, CTAS, MRVL, NTES, PEP, VRSK, XLNX, SPLK, AMD, CRWD, MSFT, WDAY, ADSK, ANSS, AVGO, CPRT, CTSH, EXC, NVDA, AAPL, ADBE, COST, INTU, LULU, CDNS, DXCM, QCOM, AEP, ISRG, MDLZ, SNPS, CSCO, GOOGL, REGN, ASML, ADI, AMAT, CDW, HON, KDP, KLAC, NXPI, PTON, ROST, SIRI, CERN, OKTA, VRSN, ALGN, AMGN, KHC, LRCX, MCHP, MU, AMZN, VRTX, WBA, MNST, ORLY, BKNG, MELI, SBUX, AEP, CMCSA, GILD, XEL,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 4
AEP, CMCSA, GILD, XEL,
 
 
Moving Below 30 DMA = 5
DOCU, EA, FB, INCY, NFLX,
 
 
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