QQQ, SPY, DIA 52-week Low after CPI Report Higher than Expected...Energy, Utilities, Materials Lead Sectors...

© 2022

 

QQQ, SPY and DIA opened lower, traded in a volatile range during the morning before breaking support and closing at a new 52-week on Wednesday.

CPI report was 8.3% YoY above expectations of 8.1% YoY. Last month was 8.5% YoY.

SPY down 6.34 at 392.75, on 142.3 million shares, above average volume, down on higher volume.
VIX down .43 at 32.56
QQQ down 8.92 at 291.84
 

V, MRK, DOW, CVX led the DJIA, 8 advancers, -6

DRE, BKR, PM, HES led the SPX, 126 advancers

EA, EXC, BKNG, CSX led the NDX, 13 advancers

 
The two-year trend term is up.  The one-year trend broke support today.
 
Up: 
Down:   DIA, SPY, IWM, QQQ,

Three of eleven sectors were higher on Wednesday, led by XLE, XLU and XLB. 

Energy leaders:  BKR, HES, MRO, DINO

Utilities leaders:  EXC, ED, PNW, EIX

Basic Materials leaders:  MOS, FMC, IFF, LYB

Advancers weakened on Wednesday as decliners led 2,277 to 1,031 on the NYSE and led 3,917 to 1,005 on the NASDAQ.

The SPY MFC green line is pointed down at 7.3 and is short-term bearish.  SPY made a new 52-week low on Wednesday and stayed below one-week and one-year support.    

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: Down
 
13 of 100 NDX stocks closed higher on Wednesday.
 
4 NDX stocks are above their 30 DMA:  KHC, MDLZ, MNST, XEL,
 
NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

XEL,

Moving Below 30 DMA = 3

GILD, HON, NXPI,

Add Comments here: