IWM, QQQ, SPY, DIA Broad Rally Closes Higher after Powell Speaks...Technology, Materials, Financial Lead Sectors...HD Beats on Earnings...

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IWM, QQQ, SPY and DIA opened higher, pulled back twice including during Fed Chair Powell’s interview with the “WSJ Future of Everything Festival” at 2 p.m. ET and then rallied to a new daily high after concluding his comments.  Tuesday’s rally was broad as advancers climbed and decliners fell, ten sectors gained, and volatility fell. 

HD beat estimates on revenues and earnings and closed higher.  WMT -11.38% after a lower-than-expected earnings report Tuesday BMO. The Retails Sales report BMO was better than expected. 

SPY up 8.23 at 408.32, on 82.9 million shares, below average volume, up on higher volume.

VIX down 1.37 at 26.10

QQQ up 7.73 at 306.17

BA, AXP, JPM DIS led the DJIA, 24 advancers, +7

PARA, TTWO, SWN, UAL led the SPX, 451 advancers

AMD, KLAC, LRCX, PDD led the NDX, 89 advancers

The two-year trend term is up.  The one-year trend down a little.

Up:  IWM, QQQ, SPY, DIA,

Down:  

Ten of eleven sectors were higher on Tuesday, led by XLK, XLB and XLF.

Technology leaders:  AMD, SEDG, KLAC, LRCX

Materials leaders:  CE, FCX, ALB, NUE

Financial leaders: C, SYF, COF, IVZ

Advancers strengthened on Tuesday as advancers led 2,489 to 844 on the NYSE and led 3,621 led to 1,125 on the NASDAQ.

The SPY MFC green line is pointed up at 17.1 and is short-term bullish.  SPY traded higher for the third straight on Tuesday.

Uptrend sectors:  XLE, XLU, XLP,
Neutral sectors:  XLV, XLB,

Down trend sectors: XLRE, XLY, XLI, XLK, XLF, XLC,

The 6-month intermediate trend is down.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up

89 of 100 NDX stocks closed higher on Tuesday.

29 NDX stocks are above their 30 DMA:  KHC, MDLZ, MNST, GILD, HON, AMD, EA, LRCX, NTES, NXPI, PEP, XEL, AMGN, SGEN, ADI, ADSK, AEP, AMAT, ATVI, AVGO, BIDU, KLAC, MCHP, MU, PCAR, PDD, QCOM, TXN, WBA,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 15

ADI, ADSK, AEP, AMAT, ATVI, AVGO, BIDU, KLAC, MCHP, MU, PCAR, PDD, QCOM, TXN, WBA,

Moving Below 30 DMA = 0

 

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