FOMC Announcement Positive Reaction, Powell Press Conference Negative Reaction...SPX, All Sectors End Lower...

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The SPX -96.41 closed lower.  When the FOMC announced a75 bps increase at 2:00 pm ET the SPX rallied 46 points in 15 minutes.  When the Jerome Powell press conference began at 2:30 pm ET dropped 87 points in 30 minutes and a total of 129 points by the close.

Conclusion:  The reaction to the announcement was positive, the reaction to Powell was negative.  If you have paid attention since his appointment in February 2018, negative reactions to his comments seems to occur about 50% of the time.  He once again failed to inspire confidence through his comments.

We have observed that macro announcements can at times impact the market for a day or two.  We’ll find out tomorrow if its one or two days.  On Friday traders will be focusing on the Jobs report.

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

Friday:  Jobs Report 8:30 am ET

168 SPX companies report EPS this week:

Monday: GPN, HWM, L, ON PCG, PEG, XRAY, AFL, ANET, AWK, CINF, HOLX, NXPI, SBAC, SYK, VNO, WMB

Tuesday: ABMD, AME, BEN, CNP, CTLT, ECL, ETN, FOXA, HSIC, IDXX, INCY, IT, LDOS, LLY, MPC, NEM, PFE, PSX, SEE, SPG, SYY, TAP, TECH, WAB, WAT, WEC, XYL, ZBRA, AIG, AIZ, AMCR, AMD, CLX, CZR, DVN, EA EIS, EXR, FMC, MCK MDLZ, MTCH, OKE PAYC, PEAK, PRU, PSA, VRSK

Wednesday: BR, CDW, CHRW, CRL, CVS, DISH, EL, ETR, GNRC, HUM, MLM, PARA, ROK, TEL, TRMB, TT, VMC, YUM, ZBH, ALB, ALL, ANSS, APA, BKNG, CDAY, CTSH, EBAY, EQIX, ES, ETSY, FLT, FTNT, HST, IR, LNC, LUMN, MET, MGM, MRO, O, PTC, QCOM, QRVO

Thursday: ABC, APD, APTV, BALL, CI, CMI, COP EPAM, EXC, FIS, GCI, HII, ICE, IRM, JCI, K, MAR, MRNA, PH, PNW, PWR, RCL, REGN, SRE, TRGP, ZTS, AEE, AES, AMGN, AVB, CE, CTRA, CTVA, ED, EOG, EXPE, FRT, ILMN, LYV, MCHP, MNST, MSI, MTC, NWSA, PYPL, REG, SBUX, SWKS, VTR, WBD

Friday: CAH, CBOE, D, DUK, EVRG, HSY, PPL

Saturday: BRK/B

First day reaction: Q3 through Nov 2…

Positive:

MTCH, CRL, CVS, MCK EA, MDLZ, ABMD, IDXX, HOLX, IT, FOXA, ANET, MPC, HSIC, SPG, TECH, NXPI, INCY PFE, XYL, PSX, WAT, AFTL, SBAC, WMB, LDOS, AME, ETN, DXCM, GILD, INTC, VRSN, VRTX, AAPL, PFG, TMUS, GWW, AJG, COF, NEE, VICI, CHTR, XOM, HIG, AON, CL, CVX,  NOW, CAT, RE, RJF, ALLE, ORLY, MCD, HON, LKQ, LUV, SPGI, TXT, CARR, TFX, MAA, CMCSA, F, MRK, CMS, XEL, FBHS, UHS, ROL, ENPH, CSGP, AMP, HES, V, TDY, IEX, TER, NSC, JNPR, ROP, BMY IQV, CB, BSX, CNC, MSCI, NVR, SYF, ARE, MCO, DFS, PHM, GM, SHW, PNR, ZION, KMB, ITW, KO, ADM, HAL, SLB, HBAN, CSX, LRCX, T, DGX, LVS, IBM, FCX, NUE, NFLX, ISRG, BKR, UAL, TRV, ELV, LMT, SBNY, GS, BAC, BK, USB, WFC, JPM, DAL, DPZ, FAST, PGR, WBA, BLK, PEP = 133 SHOP, PINS, FSLR,

Neutral:

HUM, TT, ETR, AIG, FMC, CDW, PEAK, YUM, PRU, CZR, WED, WAB, CNP, XRAY, EMN, WY, CPRT, SWN, CHD, KIM, BWA, AMT, NOC, WTW, KLAC, URI, TWTR, EQT, DTE, MA, AOS, AEP, DLR, LIN, UDR, IP, SO, APH, ODFL, GRMN, GD, KHC, HLT, OTIS, MMM, IVZ, PKG, PCAR, UPS, BIIB, GE, IPG, WHR, DOW, NVR, GPC, PG, JBHT, CFG, STT, JNJ, C, UNH = 63

Negative:

DVN, PARA, EXR, TRMB, CHRW, EL, PSA, TEL, BR, ROK, GNRC, PAYC, VRSK, AMCR, CLX, ZBH, MLM, DISH, AIZ, EIS, AMD, OKE, VMC, CTLT, ZBRA, ECL, SEE, SYK, CINF, BEN, TAP, SYY, LLY, AWK, VNO, NEM, ON, GPN, PEG, PCG, HWM, L, DVA, EW, BIO, AMZN, RMD, LYB, NWL, ABBV, PXD, LHX, MHK, RSG, META, ALGN, WST, INVH, BAX, LH, MOH, FTI, SWK, CBRE, ESS, FISV, TYL, VFC, WDC, TROW, GL, MO, KDP, BRO, GOOG, GOOGL, BA, STX, AVY, MSFT, FFIV, CMG, MAS, EQR, BXP, FE, WM, TXN, TMO, CME, FTV, ADP, CDNS, WRB, VLO, GLW, RTX, SIVB, RHI, HCA, VZ, AXP RF, UNP, TSLA, FITB, EFX, DHR, PPG, SNA, KMI, POOL, ALK, KEY, AL, TSCO, CCI, DOV, PM, MMC, MTB, NTRS, CMA, ABT, PLD, MTKX, NDAQ, OMC, TFC, HAS, FRC, SCHW, MS, PNC = 133 SNAP, WOLF

SPY down -9.65 at 374.87, on 126.9 million shares, above average volume, down on higher volume.

VIX up .05 at 25.86, volatility continues elevated.

QQQ down 9.43 at 265.68

BA, VZ, GS led the DJIA, 3 advancers, -8

CRL, DD, GCI, CVS led the SPX, 29 advancers

MTCH, JD, SGEN, EA led the NDX 6 advancers

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

Up:

Down:  DIA, SPY, IWM, QQQ,

All eleven sectors were lower on Wednesday, led by largest decliners XLY, XLK and XLC.

Advancers weakened on Wednesday as decliners led 2,467 to 708 on the NYSE and led 3,522 to 1,131 on the NASDAQ.

The SPY MFC green line turned down at 81.3 and is counter-trend defensive.  SPY opened flat and closed lower.

Uptrend sectors:  XLE,

Neutral sectors:  XLF, XLI, XLV,

Down trend sectors:  XLB, XLP, XLY, XLK, XLU, XLRE, XLC,

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down

6 of 100 NDX stocks closed higher on Wednesday

57 NDX stock are above their 30 DMA:   BIIB, ORLY, DXCM, GILD, PCAR, AMGN, KHC, PEP, SIRI, ADSK, ILMN, NFLX, VRSN, EA, FTNT, HON, ISRG, WBA, ADBE, BKNG, ZM, ADP, ASML, CTAS, CTSH, CSCO, DLTR, MAR, MRNA, AMAT, CHTR, COST, CPRT, CSX, IDXX, LRCX, MDLZ, MNST, NVDA, REGN, ROST, TMUS, AZN, CMCSA, FISV, LULU, PAYX, KLAC, FAST, AVGO, INTC, MU, TXN, VRTX, XEL, AEP, NXPI,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 14

AAPL, ADI, EBAY, EXC, KDP, MCHP, MELI, ODFL, PANW, SBUX, QCOM, SPLK, VRSK, WDAY

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