Broad Rally after Better-than-expected CPI Report Lift SPY, DIA to 3-month Horizontal Breakout...Materials, Discretionary, Communication Services Lead Sectors...

 

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The SPX +87.77 opened higher and closed higher after CPI reports better than expected YoY 8.5% vs. 8.7% est. and closed above 3-month resistance at a 3-month high.  /CL closed higher, while DXY, TLT, TNX and GLD moved lower.

IWM broke out and closed above 3-month resistance.

SPY up 8.64 at 419.99, on 68.6 million shares, average volume, up on higher volume. 

VIX down 2.03 at 19.74

QQQ up 8.85 at 325.93

DIS, CRM, GS, NKE led the DJIA, 29 advancers, +12

NCLH, RCL, CCL, SIVB led the SPX, 464 advancers

ZS, DOCU, CRWD, DDOG led the NDX 95 advancers

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

Up:  IWM, QQQ, SPY, DIA,

Down:  

All eleven sectors were higher on Wednesday, led by XLB, XLY and XLC.

Materials leaders:  ALB, PPG, SHW, BALL

Consumer Discretionary leaders:  NCLH, RCL, CCL, ETSY

Communication Services leaders:  NFLX, META, GCI, DIS

Advancers strengthened on Wednesday as advancers led 2,750 to 509 on the NYSE and led 3,587 to 1,056 on the NASDAQ.

The SPY MFC green line is turned up slightly in the upper zone at 93.7 and is short-term bullish.  SPY opened higher and closed higher above 3-month resistance.

Uptrend sectors:   XLK, XLY, XLU, XLRE, XLI,

Neutral sectors:   XLV, XLC, XLF, XLP,

Down trend sectors:  XLE, XLB,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

95 of 100 NDX stocks closed higher on Wednesday

87 NDX stocks are above their 30 DMA:   MRNA, COST, DXCM, ORLY, KDP, PEP, VRSK, SIRI, VRSN, AAPL, CDNS, CPRT, IDXX, CTAS, QCOM, TSLA, ADI, ROST, SWKS, TXN, ALGN, AMZN, ATVI, FISV, ISRG, MCHP, MU, NFLX, NXPI, ODFL, SNPS, KLAC, SPLK, ABNB, ADBE, ADP, ADSK, AMAT, AMD, ANSS, ASML, AVGO, CSCO, CSX, EBAY, INTU, LRCX, MAR, MDLZ, MELI, MRVL, NVDA, PAYX, PCAR, PYPL, EA, ILMN, HON, AEP, EXC, XEL, TMUS, BKNG, CRWD, DOCU, GOOGL, LULU, MSFT, OKTA, TEAM, WBA, WDAY, FAST, CTSH, DDOG, ZS, BIIB, META, REGN, DLTR, VRTX, AMGN, GILD, KHC, AZN, MU, PANW, ZM,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 4

AZN, MU, PANW, ZM,

Moving Below 30 DMA = 0

 

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