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The SPX +54.51 opened higher, traded in a range until the FOMC
press conference and the rose to close above the HOLD. TNX 33.95 pulled back .88 cents, after
rising five straight days.
The FOMC raised fed funds by 75 bps to
1.75%, which combined with its press conference provided a catalyst for buyers
to take control after a 5-day selloff.
SPY up 5.33 at 379.20, on 125.6 million shares, above average volume,
up on higher volume.
VIX down 3.07 at 29.62
QQQ up 6.89 at 282.80
BA, MSFT, GS, CRM led the DJIA, 21 advancers, +10
WBD, ETSY, NCLH, TSLA led the SPX, 395 advancers
MELI, NFLX, TEAM, MRNA led the NDX, 92 advancers
The two-year trend term is up. The
one-year trend down.
Up: QQQ, IWM, SPY, DIA,
Down:
Nine of eleven sectors were higher on Wednesday, led by XLK, XLE and XLY.
Consumer Discretionary leaders: ETSY, NCLH, TSLA,
AMZN
Real Estate leaders: DRE,
PLD, VICI, PEAK
Communication Services leaders: NFLX, WBD, MTCH, TTWO
Advancers strengthened
on Wednesday as advancers led 2,403 to 878 on the NYSE and
led 3,412 led to 1,260 on the NASDAQ.
The SPY MFC green line is pointed down
at 16.9 and is bearish. SPY
is a counter-trend bounce off its 52-week low after the Fed raised fed funds 75bps
to 1.75%.
Uptrend sectors: XLE,
Neutral sectors: XLP,
Down trend sectors: XLU, XLB, XLV, XLI, XLK, XLF, XLRE, XLY, 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
92 of 100 NDX stocks closed higher on Wednesday.
12 NDX stocks are above their 30 DMA: NTES,
SGEN, ZM, BIDU, DLTR, PDD, JD, MNST, CRWD, MTCH, PCAR, SNPS,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 4
CRWD, MTCH, PCAR, SNPS,
Moving Below 30 DMA = 0
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