Wednesday, September 21, 2022

SPX Opened Higher, Closed Lower after FOMC Raises Rates and Target Guidance...All Sectors Move Lower...

© 2022

The SPX -66.00 opened higher, fell sharply after the FOMC announced it was raising rates 75 bps and revising projected that the Fed funds rate would rise to 4.40% by year end and to 4.60% by the end of 2023.  The SPX closed lower.

SPY, QQQ, IWM and DIA each formed a larger red candle and closed below Tuesday’s close continuing their recent down trend.

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

SPY down 6.70 at 377.39, on 106.5 million shares, above average volume, down on higher volume.
VIX up .83 at 27.99
QQQ down 5.17 at 283.56

WMT led the DJIA, 1 advancers, -1
GIS, K, CPB, KHC led the SPX, 31 advancers
ILMN, KHC, LCID, VRSN led the NDX 8 advancers

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


All eleven sectors were lower on Wednesday, the smallest decliners were XLP, XLI and XLU.

Advancers strengthened slightly on Wednesday as decliners led 2,296 to 910 on the NYSE and led 3,334 to 1,319 on the NASDAQ.

The SPY MFC green line is pointed down at 5.9 and is short-term bearishSPY opened higher and closed lower.

Sector direction shifted lower on Wednesday.
Uptrend sectors:   XLY, XLU,
Neutral sectors:   XLE, XLI, XLP, XLF, XLV, XLK, XLB,
Down trend sectors:  XLRE, XLC,

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

3-month Intermediate Term Market Trend: Sideways
3-day Short Term Market TrendDown

of 100 NDX stocks closed higher on Wednesday

6 NDX stocks are above their 30 DMA:   PDD, SBUX, REGN, ZS, TSLA, NFLX,

NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0

Moving Below 30 DMA = 2

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1 comment:

Jim.QQQ said...

On Thur 9/22, 1076 stocks including MSFT,GOGL,V,META hit new 52week lows. I can't recall when so many on one day would reverse from their position one year ago.