© 2021
SPX opened higher and gained 78 points during the first two
hours of trading. A pullback began that accelerated
after many news outlets reported the first U.S. case of the omicron variant was
confirmed by the CDC. The SPX closed
at 4,513, -53.96 and NDX
closed at 15,877, -258.21.
FOMC Chair Powell continued his Congressional testimony on the
economy and Covid before the House this morning. The FOMC has its next meeting on December
14-15.
SPY down 5.06 at 450.50, on 132.4 million shares, above average volume, down on lower volume.
VIX up 3.93 at 31.12
QQQ down 6.70, -1.70% at 387.12
JNJ, PG, AMGN, MMM led the DJIA, 7 advancers, +5
NVR, LEN, HPQ, WU led the SPX, 100 advancers.
VRTX, NTES, AMAT, LRCX led the NDX, 17 advancers.
The two-year trend term is up. The one-year trend is up.
Up:
Down: SPY, DIA, QQQ, IWM,
SPY = close
below Tuesday support low
DIA = close
below Tuesday support low
QQQ = close
at Nov 10 low, channel bounce or break of support setup
IWM = closes
at Sep 20 support level
One of
eleven
sectors was higher on Wednesday, led by XLU,
XLV and XLP.
Utilities leaders: NEE, LNT, WEC, AEE
Health Care leaders: VRTX, BMY, BDX, PFE
Consumer Staples leaders: HRL,
CHD, PG, KMB
Advancers were mixed on Wednesday as decliners led 2,407 to 983 on the NYSE and led
3,569 to 1,136 on the NASDAQ.
The SPY MFC green line
is pointed down at 53.6 and is defensive. SPY closed below Tuesday’s low.
Uptrend sectors: XLK, XLY, XLRE, XLE, XLF, XLV,
Neutral sectors: XLP, XLU, XLB, XLI,
Down trend sectors: XLC,
The 6-month intermediate trend is up. The
ten-day trend is up.
3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market Trend: Down
17 of 100 NDX stocks
closed higher on Wednesday.
25 NDX stocks are above their 30 DMA: TSLA, DLTR, NTES, VRSK,
XLNX, AMD, AVGO, NVDA, AAPL, COST, INTU, QCOM, REGN, KLAC, NXPI, PTON, VRSN, LRCX,
MCHP, MU, JD, GILD, MRNA, AMAT, VRTX,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 12
ADBE, ADP, AMZN, ANSS, CDNS,
FAST, INCY, LULU, MRVL, MSFT, SNPS, TXN,
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1 comment:
Thank you, Dave. Very nice to have all of this information daily. We’re fortunate to have you, Dave.
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