SPX Closes Lower Before CPI Report Thursday BMO and as America Awaits Midterm Election Outcome...All Sectors Lower...

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The SPX -79.54 opened lower, continued lower throughout Wednesday and closed below Tuesday’s low as control of both the Senate and the House are still undetermined as votes in many races continued to be counted.

The October CPI Report will be released tomorrow at 8:30 am ET BMO.  Consensus is M/M 0.7% and Y/Y 8.0% down from 8.2% last month.

DIA, SPY, QQQ and IWM each formed a red candle that closed below Tuesday’s low.

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

SPY down 7.87 at 374.13, on 78.4 million shares, below average volume, down on lower volume.

VIX up .55 at 26.09, volatility bounced higher and continues elevated.

QQQ down 6.22 at 263.32

MRK led the DJIA, 1 advancer, -26

AKAM, BIO, META, DHI led the SPX, 37 advancers

META, SGEN, CTSH, VRTX led the NDX 6 advancers

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

Up:

Down:  DIA, SPY, QQQ, IWM,

All eleven sectors were lower on Wednesday, weakest were XLE, XLY and XLK.

Advancers weakened on Wednesday as decliners led 2,561 to 615 on the NYSE and led 3,536 to 1,123 on the NASDAQ.

The SPY MFC green line is pointed down at 67.5 and is defensive.  SPY opened lower and closed higher.

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 down a little.

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Down a little

6 of 100 NDX stocks closed higher on Wednesday

61 NDX stock are above their 30 DMA:   BIIB, ORLY, DXCM, GILD, PCAR, AMGN, KHC, PEP, SIRI, ILMN, EA, HON, ISRG, WBA, BKNG, ADP, CTAS, CSCO, DLTR, MRNA, AMAT, CHTR, COST, CSX, IDXX, LRCX, MDLZ, MNST, NVDA, REGN, ROST, TMUS, AZN, LULU, KLAC, FAST, INTC, MU, VRTX, XEL, AEP, EBAY, MELI, ADI, ASML, AVGO, CMCSA, MAR, MCHP, NXPI, ODFL, PAYX, PDD, SBUX, SWKS, TXN, ADBE, ANSS, EXC, KDP, SGEN,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

SGEN,

Moving Below 30 DMA = 6

AMD, CPRT, FISV, JD, NFLX, ZM,

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