DIA, QQQ Rise on SPX Narrow Range Pause Day...SPY, QQQ Form Hammer Candle...Health Care, Staples Lead Sectors...

© 2022

The SPX -2.72 opened flat and traded in a narrow range and formed a hammer candle pattern on Wednesday.   DXY and TLT rose while /CL, GLD and TNX moved lower on Wednesday. 

Powell’s comments this morning on the ECB Economic Policy Panel Discussion had no directional impact on the broad market today. 

SPY down .31 at 380.34, on 65.6 million shares, below average volume, down on lower volume.
VIX down .20 at 28.16
QQQ up .26 at 283.80

 

MCD, MSFT, UNH, HD led the DJIA, 14 advancers, +11

GIS, MOH, ABMD, SJM led the SPX, 205 advancers

MNST, IDXX, META, ODFL led the NDX, 55 advancers

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

Up:  DIA, QQQ,

Down:  SPY, IWM,  

Five of eleven sectors were higher on Wednesday, led by XLV, XLP and XLC.

Health Care leaders:  MOH, ABMD, IDXX, ZTS

Consumer Staples leaders:  GIS, MNST, SJM, CLX

Communication Services leaders:  META, T, CHTR, ATVI

Advancers strengthened slightly on Wednesday as decliners led 2,060 to 1,145 on the NYSE and led 2,818 led to 1,631 on the NASDAQ.

The SPY MFC green line is pointed up at 38.6 and is short-term bullish.  SPY after a one-day pullback formed a narrow range hammer and is a potential channel bounce setup.

Uptrend sectors:  

Neutral sectors:  XLE,

Down trend sectors: XLV, XLP, XLU, XLY, XLB, XLI, XLK, XLF, XLRE, XLC,

The 6-month intermediate trend is down.  The ten-day trend is up a little.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

55 of 100 NDX stocks closed higher on Wednesday.

30 NDX stocks are above their 30 DMA:   SGEN, ZM, BIDU, PDD, JD, MNST, BIIB, CRWD, VRTX, DLTR, TEAM, TMUS, ZS, ATVI, AZN, CDNS, COST, DDOG, DXCM, OKTA, ORLY, KDP, AMGN, GILD, INTU, KHC, MDLZ, ODFL, PEP, VRSK,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 8

AMGN, GILD, INTU, KHC, MDLZ, ODFL, PEP, VRSK,

Moving Below 30 DMA = 3

ADP, FTNT, GOOGL,

Add Comments here: