CPI Above Forecast...Futures Fall Pre-market...SPX Gaps Down, Fills Gap...Discretionary, Staples Lead Sectors...

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The CPI report this morning came in at 9.1% > 8.8% expectations. Futures immediately sold off more than 75 points to 3,752.  The SPX opened 39 points lower, fell rt 3,759 within 15 minutes, reversed to close at 3,801.  SPX -17.02, closed below Tuesday’s low.  

/CL, GLD and TLT closed higher, while DXY and TNX moved lower.

17 SPX EPS reports this week:  PEP, DAL, FAST, CAG, CTAS, FRC, JPM MS, BK, BLK, C, PGR, PNC, STT, UNH, USB, WFC

Neutral reaction: PEP,

Negative reaction:  FAST, DAL,

Thursday: PPI bmo, Friday: Retail Sales, GOOGL to split 20:1

SPY down 2.00 at 378.83, on 84.2 million shares, below average volume, down on higher volume.

VIX down .47 at 26.82

QQQ down .59 at 285.65

NKE, HD, PG, MCD led the DJIA, 8 advancers, -0

TWTR, MOS, CTRA, CLX led the SPX, 152 advancers

NTES, ASML, JD, ORLY led the NDX, 49 advancers

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

Up: 

Down: IWM, QQQ, SPY, DIA,

Two of eleven sectors were higher on Wednesday, led by XLY, XLP and XLE.

Consumer Discretionary leaders:  DPZ, ORLY, BBWI, TSLA

Consumer Staples leaders:  CLX, STZ, TAP, CHD

Energy leaders:  CTRA, APA, HES, SWN

Advancers were mixed on Wednesday as decliners led 1,790 to 1,389 on the NYSE and led 2,382 to 2,178 on the NASDAQ.

The SPY MFC green line is turned down at 40 and is short-term bearish.  SPY continued to pull back on Wednesday.

Uptrend sectors:    

Neutral sectors:  XLE, XLU, XLV,

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

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

49 of 100 NDX stocks closed higher on Wednesday.

32 NDX stocks are above their 30 DMA:   SGEN, MNST, BIIB, CRWD, VRTX, DLTR, TEAM, TMUS, AZN, COST, DXCM, OKTA, ORLY, KDP, KHC, MDLZ, PEP, VRSK, AMGN, GILD, SIRI, VRSN, AAPL, CDNS, CPRT, FTNT, IDXX, CTAS, LCID, QCOM, REGN, TSLA,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

TSLA,   

Moving Below 30 DMA = 2

GOOGL, ODFL,

 

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