SPX Pullback, CPI Report Wednesday Morning....

 © 2022

 SPX opened slightly lower on Tuesday, traded in a range until the last 75 minutes of trading and then broke 3840 support and fell more than 30 points in the final hour of trading and closed lower on its fourth lightest volume day of the past three months.  SPX -35.63, closed below Monday’s low.   

DXY and TLT closed higher, while /CL, GLD 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,

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

SPY down 3.40 at 380.83, on 62.2 million shares, below average volume, down on higher volume.

VIX up 1.12 at 27.29

QQQ down 2.80 at 286.24

BA, WBA, MMM, AAPL led the DJIA, 8 advancers, -1

AAL, GCI, UAL, CCL led the SPX, 169 advancers

LCID, CHTR, PDD, MU led the NDX, 34 advancers

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

Up: 

Down: IWM, DIA, SPY, QQQ,

All eleven sectors were lower on Tuesday, led by XLC, XLB and XLP.

Communication Services leaders:  GCI, TWTR, PARA, CHTR

Basic Materials leaders:  ECL, SHW, PPG, AVY

Consumer Staples leaders:  TAP, CLX, WBA, TSN

Advancers strengthened on Tuesday as decliners led 1,772 to 1,425 on the NYSE and led 2,446 to 2,049 on the NASDAQ.

The SPY MFC green line is turned down at 41.6 and is short-term bearish.  SPY continued to pull back after it closed Monday below the LOHD.

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.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

34 of 100 NDX stocks closed higher on Tuesday.

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

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 8

ADP, ATVI, DDOG, INTU, MSFT, PANW, SNPS, ZS,

 

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