© 2022
The SPX -7.65 opened lower, moved lower,
bottomed in the second hour of trading, reversed, rallied to a positive and
closed slightly lower. SPY, QQQ and
IWM each tested Tuesday’s breakout, bounced and rallied to close near
Tuesday’s close.
ADP report came in above expectations and the market moved lower before the
open. After the open the ISM Services
index was also above expectations and the market moved lower. Good news is bad today.
DXY, /CL and TNX closed higher, while TLT and GLD moved
lower.
SPY down .88 at 377.09, on 88.0 million shares, above average volume, down on lower volume.
VIX down .52 at 28.55
QQQ down .15 at 281.98
NKE, V, UNH, CVX led the DJIA, 12 advancers, +1
SLB, GPS, LW, XOM led the SPX, 179 advancers
ILMN, MRVL, TEAM, ZS led the NDX 53 advancers
The two-year trend term is up. The
one-year trend down.
Up:
Down: QQQ, DIA, SPY, IWM,
Three of eleven sectors were higher on Wednesday, led by of XLE,
XLV and XLK.
Energy leaders: SLB, XOM, HAL, APA
Health Care leaders: ILMN, PKI, MTD, MOH
Technology leaders: ADSK, NOW, QCOM, WDC
Advancers weakened on Wednesday as decliners led 2,239 to 971 on the NYSE and led 2,914 to 1,710 on the NASDAQ.
The SPY
MFC green line turned up at 16.7 and is short-term
bullish. SPY opened lower
and closed higher than it opened.
Uptrend sectors: XLE, XLY,
Neutral sectors: XLF, XLI, XLB,
Down trend sectors: XLK, XLV, XLU, XLP, XLRE, XLC,
The 6-month intermediate
trend is down. The ten-day trend is sideways.
3-month Intermediate Term Market
Trend: Sideways
3-day Short Term Market Trend: Up
53 of 100 NDX stocks
closed higher on Wednesday
34
NDX stock are above their 30 DMA: REGN,
BIIB, NFLX, VRTX, FTNT, MNST, ORLY, ZS, ADI, CDNS, CTAS, DLTR, DXCM,
GILD, IDXX, ILMN, MCHP, MELI, MRVL, ODFL, PCAR, PDD, PYPL, ROST, SBUX, TMUS,
VRSN, WDAY, ADP, ADSK, MU, NXPI, TEAM, TXN,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 6
ADP, ADSK, MU, NXPI, TEAM,
TXN,
Moving Below 30 DMA = 1
LCID,
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