SPX Narrow Trading Range Closed Slightly Lower after PPI, Fed Minutes...Energy, Staples and Discretionary Lead Sectors...CPI Thursday BMO...

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The SPX -11.81 opened flat after an overnight futures rally faded following the PPI report of M/M 0.4% vs 0.2% and Y/Y 8.5% vs 8.4% expected.  

The SPX traded in a narrow range until Fed minutes were released at 2pm ET.  There was an initial 14-point rally followed by a pullback where the SPX closed 10 points lower it was at 2 pm.

Trading volume decreased from Tuesday.  DIA and IWM closed above short-term support while SPY closed at support, and QQQ closed just below short-term support.

CPI to be released Thursday, 8:30 am ET and earnings season starts Friday morning with EPS reports from JPM, C, MS, WFC, UNH, PNC, FRC and USB.

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

SPY down 1.18 at 356.56, on 76.9 million shares, below average volume, down on lower volume.

VIX down .06 at 33.57

QQQ down .09 at 262.66

JPM, KO, INTC, NKE led the DJIA, 13 advancer, -4

NCLH, RCL, CCL, VLO led the SPX, 156 advancers

MRNA, ABNB, PEP, LCID led the NDX 39 advancers

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

Up:

Down:  QQQ, DIA, IWM, SPY,

Three of eleven sectors were higher on Wednesday, led by XLE, XLP and XLY.

Energy leaders:  VLO, CTRA, PSX, DINO

Consumer Staples leaders:  PEP, TAP, LW, KMB

Consumer Discretionary leaders:  NLCH, RCL, CCL, HLT

Advancers were mixed on Wednesday as decliners led 1,973 to 1,221 on the NYSE and led 2,470 to 2,162 on the NASDAQ.

The SPY MFC green line turned down at 8.9 and is short-term bearish.  SPY opened flat and closed lower in a very narrow trading range day.

Uptrend sectors:  XLE,

Neutral sectors:  XLY, XLF, XLI, XLB,

Down trend sectors:  XLK, XLV, XLU, XLP, XLRE, XLC,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

39 of 100 NDX stocks closed higher on Wednesday

14 NDX stock are above their 30 DMA:   REGN, BIIB, VRTX, MNST, ORLY, DXCM, GILD, PCAR, ODFL, AMGN, KDP, KHC, MRNA, PEP,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 3

KHC, MRNA, PEP,

Moving Below 30 DMA = 2

DLTR, MU,

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