© 2022
The SPX +71.68 opened
flat, trended higher after the open and closed higher above the HOLD in its 14-day
short term downtrend.
Sellers were in control beginning at the open on
a day when four Fed members; Barkin, Brainard, Mester and Barr spoke. Jerome Powell speaks Thursday morning at
9:10 am ET at the CATO Institute’s 40th annual monetary conference. A conversation with Jerome Powell will be
moderated by Peter Goettler.
TLT and GLD closed higher, while DXY, /CL and TNX
moved lower.
SPY up 7.02 at 397.78, on 70.9 million shares, average volume, up on lower volume.
VIX down 2.27 at 24.64
QQQ up 5.92 at 298.97
MMM, NKE, HD, WMT led the DJIA, 28 advancers, +20
SEDG, ENPH, BAX, TWTR led the SPX, 473 advancers
DXCM, MTCH, ROST, NFLX led the NDX 96 advancers
The two-year trend term is up. The
one-year trend down.
Up: IWM, QQQ, SPY, DIA,
Down:
Ten of eleven sectors were higher on Wednesday, led by XLU, XLY and
XLB.
Utilities leaders: PEG, AEE, FE, ED
Consumer Discretionary leaders: ROST, NCLH, VFC, GPS
Materials leaders: BALL, ECL, ALB, SHW
Advancers strengthened on Wednesday
as advancers led 2,444 to 760 on the NYSE and advancers led 3,331 to 1,224 on the NASDAQ.
The SPY
MFC green line is pointed down below 50 at 12.1 and is short-term bearish. SPY opened flat, trended higher after
the open and closed higher above the HOLD.
Uptrend sectors: XLY, XLU,
XLP,
Neutral sectors: XLI, XLK, XLRE, XLF, XLV, XLC, XLE,
Down trend sectors: XLB,
The 6-month intermediate
trend is down a little. The ten-day trend is down.
3-month Intermediate Term Market
Trend: Down a little
3-day Short Term Market Trend: Up a little
96 of 100 NDX stocks
closed higher on Wednesday
16 NDX stocks are above their 30 DMA: ROST,
PANW, PDD, GILD, AEP, LULU, ABNB, CTAS, DXCM, JD, ORLY, PYPL, SBUX,
TMUS, WDAY, XEL,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 10
ABNB, CTAS, DXCM, JD, ORLY, PYPL, SBUX,
TMUS, WDAY, XEL,
Moving Below 30 DMA = 0
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