SPX Lower Close at Support...All Sectors Lower...FOMC Expected to Raise Rates Wednesday at 2 pm ET...

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The SPX -43.96 opened lower, after /ES futures rolled over following a 100 bps rate hike by Sweden to fight inflation early Tuesday morning.  The SPX traded in a range after the open and closed lower.

SPX, IWM, SPY and DIA each formed a hammer candle pattern and closed below  Monday’s close, but above Monday’s open.

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

FOMC announcement Wednesday 2:00 pm ET expected 75 bps increase and press conference 2:30 pm ET.

SPY down 4.46 at 384.09, on 77.1 million shares, above average volume, down on higher volume.

VIX up 1.40 at 27.16

QQQ down 2.32 at 288.73

AAPL, BA led the DJIA, 2 advancers, -19

DINO, WYNN, VLO, EXPE led the SPX, 381 advancers

SGEN, NTES, MRNA, ORLY led the NDX 10 advancers

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

Up:

Down:  QQQ, DIA, SPY, IWM,

All eleven sectors were lower on Tuesday, the smallest decliners were XLP, XLK and XLE.

Advancers weakened on Tuesday as decliners led 2,681 to 565 on the NYSE and decliners led 3,399 to 1,272 on the NASDAQ.

The SPY MFC green line is pointed down at 8.7 and is short-term bearish.  SPY opened lower and closed lower.

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

Neutral sectors:   XLE, XLC, XLB,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up a little

3-day Short Term Market Trend: Down

10 of 100 NDX stocks closed higher on Tuesday

8 NDX stocks are above their 30 DMA:   PDD, GILD, LULU, SBUX, REGN, ZS, TSLA, NFLX,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 4

ABNB, BIIB, DXCM, ROST,

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