SPY, QQQ, IWM Form Bullish Engulfing and Close Above the HOLD...Discretionary, Energy, Communication Services Lead Sectors...

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The SPX +37.25 opened lower, traded in a range until the FOMC minutes were released at 2 pm ET, then rallied the last two hours and closed higher.  SPY, QQQ, IWM each formed a bullish engulfing candle pattern.

After the close, NVDA -11.63, -6.85%, reported earnings of $1.16 below expectations of $1.29 while sales $8.29B beat $8.12B estimates and the stock traded lower. 

SPY up 3.48 at 397.37, on 91.4 million shares, below average volume, up on similar volume.
VIX down 1.08 at 28.37
QQQ up 4.02 at 291.26

AXP, BA, HC, CAT led the DJIA, 24 advancers, +6

GPS, SWN, BBY, BBWI led the SPX, 374 advancers

ZM, DOCU, INTU, PANW 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:

Nine of eleven sectors were higher on Wednesday, led by XLY, XLE and XLC.

Consumer Discretionary leaders:  GPS, BBY, BBWI, NWL

Energy leaders:  SWN, APA, FANG, DINO

Communication Services leaders: LYV, DISH, NFLX, IPG

Advancers strengthened on Wednesday as advancers led 2,588 to 703 on the NYSE and led 3,292 led to 1,361 on the NASDAQ.

The SPY MFC green line is turned up at 17.2 and is short-term bullish.  SPY opened lower, reversed, and formed a bullish engulfing candle that closed above the HOLD.

Uptrend sectors:  XLE, XLU,

Neutral sectors:  XLP, 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 Wednesday.

23 NDX stocks are above their 30 DMA:   MNST, GILD, EA, NTES, NXPI, XEL, ADI, SNPS, AMGN, EXC, MCHP, REGN, SIRI, TMUS, VRTX, AEP, AMD, CHTR, CMCSA, KLAC, LRCX, SGEN, ZM,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

AMD, CHTR, CMCSA, KLAC, LRCX, SGEN, ZM,

Moving Below 30 DMA = 0

 

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