SPX Setup to Bounce?...Six-day Bull Flag on SPY, QQQ, DIA with Engulfing Candle...Energy, Real Estate, Communication Services Lead All Sectors Higher as Breadth Strengthens...

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The SPX +12.04 opened flat, traded in a narrow range and closed higher.  Selling slowed as buyers were stronger and formed a small bullish candle pattern on SPY, QQQ and IWM charts.

The Fed’s Jackson Hole Symposium is Thursday and Friday with Fed Chair Powell scheduled to speak Friday at 10 am ET.

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

After the close, ADSK +13.57, +6.33%, rose on a positive EPS reaction, CRM -12.22, -6.79%, and NVDA -7.87, -4.57%, fell on negative EPS reactions.

SPY up 1.32 at 413.67, on 49.1 million shares, below average volume, up on similar volume.

VIX down 1.29 at 22.82

QQQ up .91 at 315.01

CRM, BA, DIS, AXP led the DJIA, 18 advancers, +9

NCLH, RCL, MOS, WBD led the SPX, 356 advancers

ILMN, PDD, JD, ALGN led the NDX 65 advancers

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

Up:  IWM, SPY, QQQ, DIA

Down: 

All eleven sectors were higher on Wednesday, led by XLE, XLRE and XLC.

Energy leaders:  APA, CTRA, HES, MRO

Real Estate leaders:  IRM, PLD, DRE, EQR

Communication Services leaders:  WBD, TWTR, NFLX, PARA

Advancers strengthened on Wednesday as advancers led 2,040 to 1,191 on the NYSE and advancers led 2,787 to 1,836 on the NASDAQ.

The SPY MFC green line is pointed down below 80 at 77.1 and is defensive.  SPY opened flat and closed slightly higher creating a 6-day bull flag pattern.

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

Neutral sectors:   XLV, XLC, XLF,

Down trend sectors:  XLE, XLB,

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

65 of 100 NDX stocks closed higher on Wednesday

53 NDX stocks are above their 30 DMA:   COST, ORLY, KDP, PEP, VRSK, VRSN, AAPL, CDNS, CTAS, TSLA, ROST, AMZN, FISV, NFLX, SNPS, SPLK, ABNB, ADP, ADSK, CSCO, CSX, INTU, MAR, MDLZ, MELI, PAYX, PCAR, PYPL, HON, AEP, XEL, TMUS, BKNG, LULU, MSFT, TEAM, WDAY, FAST, ZS, GILD, KHC, PANW, AZN, CRWD, BIDU, DDOG, DXCM, EXC, ILMN, PDD, VRTX,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 7

BIDU, DDOG, DXCM, EXC, ILMN, PDD, VRTX,

Moving Below 30 DMA = 3

AVGO, MCHP, ODFL,

 

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