Broad Rally Recovers Tuesday Sell-off...Financial, Energy, Materials Lead all Sectors Higher...JWN, HPE, ROST Up on Positive EPS Reactions...

  
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The SPX rallied from Tuesday’s low back to Friday’s high on Wednesday, forming a 4-day trading range setting up a short-term horizontal breakout setup as the RUS / UKR invasion continues.  Additionally, markets rallied further after Jerome Powell’s semiannual testimony before the House Committee on Financial Services.  He continues Thursday morning before the Senate Committee on Banking, Housing, and Urban Affairs. 
 
IWM, SPY, DIA and QQQ opened higher and closed higher.
 
JWN +37.82%, HPE +10.25%, ROST +6.09%, on positive EPS reactions. 
 
After hours:  SPLK +1.5% on a positive EPS reaction…OKTA -5.6% on a negative EPS reaction.
 
SPY up 7.91 at 437.89, on 117.7 million shares, below average volume, up on lower volume.
VIX down 2.58 at 30.74
QQQ up 5.73 at 347.22
 
 
CAT, INTC, DOW, TRV led the DJIA, 29 advancers, +25
EPAM, HPE, LVS, FTI led the SPX, 462 advancers.
MU, ROST, LULU, CDNS led the NDX, 82 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up: IWM, SPY, DIA, QQQ,
Down:
 
All eleven sectors were higher on Wednesday, led by XLE, XLRE and XLV. 
 
Financial leaders: CMA, SIVB, SBNY, PBCT
Energy leaders:  FTI, BKR, CTRA, OKE
Basic Materials leaders: CE, NUE, LYB, MOS
 
Advancers strengthened on Wednesday as advancers led 2,444 to 908 on the NYSE and led 3,080 to 1,587 on the NASDAQ.
 
The SPY MFC green line is turned up at 40.8 and is bullish.  SPY bounced from Monday’s low and closed at Friday’s high forming 4-day trading range.    
 
 
Uptrend sectors:  XLE, XLP,
Neutral sectors: XLF, XLU, XLB, XLV, XLRE, XLK,
Down trend sectors: XLY, XLI, XLC,
 
The 6-month intermediate trend is up.  The ten-day trend is down.
 
3-month Intermediate Term Market Trend: Down
3-day Short Term Market Trend: Sideways
 
82 of 100 NDX stocks closed higher on Wednesday.
 
42 NDX stocks are above their 30 DMA:  ATVI, EXC, TMUS, DDOG, DLTR, KHC, AZN, CDNS, COST, CRWD, FTNT, ISRG, PANW, SNPS, AEP, AMGN, IDXX, KDP, MELI, ODFL, BIDU, ORLY, VRSN, WDAY, ADP, AMD, AMZN, AVGO, CSCO, CSX, CTAS, CTSH, DXCM, INTC, LULU, MAR, MSFT, MU, NVDA, PAYX, ROST, TEAM,
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 18
ADP, AMD, AMZN, AVGO, CSCO, CSX, CTAS, CTSH, DXCM, INTC, LULU, MAR, MSFT, MU, NVDA, PAYX, ROST, TEAM,
 
Moving Below 30 DMA = 3
ALGN, CHTR, JD,
 
 
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