Wednesday, March 16, 2022

QQQ, IWM, SPY, DIA Continue Broad Rally...Discretionary , Technology, Financials Lead Sectors...PDD, JD, BIDU, NTES Lead NDX...

 
 
© 2022
 
 
Futures moved higher overnight.  The broad indexes opened higher, rallied until about two hours before the FOMC announcement and sold off to Tuesday’s close.  When the press conference began at 2:30, the indexes began to rally, and the SPX closed +95.41 points.
 
Some progress is being reported in talks between UKR / RUS, lifting hopes of a path towards a ceasefire.   
 
QQQ, IWM, SPY, DIA, opened higher and closed higher in the second day of a broad rally. 
 
 
SPY up 9.45 at 435.62, on 144.9 million shares, above average volume, up on higher volume.
VIX down 3.16 at 26.67
QQQ up 12.17 at 340.32
 
BA, NKE, CRM, JPM led the DJIA, 20 advancers, -8
EPAM, MRNA, LVS, JBHT  led the SPX, 412 advancers.
PDD, JD, BIDU, NTES led the NDX, 92 advancers.
 
The two-year trend term is up.  The one-year trend is up.
 
Up: QQQ, IWM, SPY, DIA,
Down: 
 
Nine of eleven sectors were higher on Wednesday, led by XLY, XLK and XLF. 
 
Consumer Discretionary leaders: LVS, WYNN, APTV, PVH
Technology leaders:  EPAM, MU, ENPH, PYPL
Financial leaders:  SBNY, SCHW, MS, LNC
 
Advancers strengthened on Wednesday as advancers led 2,669 to 701 on the NYSE and led 3,755 to 953 on the NASDAQ.
 
The SPY MFC green line is pointed up at 29.9 and is short-term bullish.  SPY closed higher for a second day and at its 30 DMA.    
 
 
Uptrend sectorsXLE, XLU, XLP,
Neutral sectors:  XLV, XLRE, XLF, XLB, XLK, XLI,
Down trend sectors: XLY, XLC,
 
The 6-month intermediate trend is up.  The ten-day trend is sideways.
 
3-month Intermediate Term Market Trend: Down
3-day Short Term Market TrendUp
 
92 of 100 NDX stocks closed higher on Wednesday.
 
44 NDX stocks are above their 30 DMA:  EXC, DLTR, KHC, COST, AEP, AMGN, CTSH, PAYX, XEL, ADP, FAST, SGEN, AZN, ORLY, REGN, TMUS, CRWD, VRTX, AVGO, CSCO, CTAS, DXCM, HON, ODFL, PANW, TXN, VRSK, ADI, AMZN, ASML, CDNS, CPRT, CSX, FISV, IDXX, MAR, MCHP, MELI, MRNA, MRVL, MSFT, NTES, NVDA, NXPI,
 
 
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 17
ADI, AMZN, ASML, CDNS, CPRT, CSX, FISV, IDXX, MAR, MCHP, MELI, MRNA, MRVL, MSFT, NTES, NVDA, NXPI,
 
Moving Below 30 DMA = 1
WBA,
 
 
Add Comments here:

1 comment:

Ben W. said...

Thank you for your comments on the SPX price action in the first paragraph, Dave. I’m traveling and missed it all. Very helpful!