SPX Opens Higher after Lower than Expected PPI, Followed by Pullback and Rally...Communication, Discretionary, Real Estate Lead Sectors...

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The SPX +34.48 opened higher after a lower-than-expected PPI report, Y/Y 8.0% vs 8.3% forecast and M/M 0.02% vs 0.5% consensus, The SPX sold off 50 points starting at 1:15 pm ET after a news of Russian missiles hitting Poland before rallying into the close.

DIA, SPY, QQQ and IWM formed a higher close spinning top above support.    Another breakout test, pause day.

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

SPY up 3.37 at 398.49, on 93.1 million shares, average volume, up on higher volume.

VIX up .81 at 24.54

QQQ up 3.95 at 289.39

WMT, NKE, CRM, HD led the DJIA, 18 advancers, +5

SIVB, CDAY, MTCH, SBNY led the SPX, 385 advancers

DDOG, NTES, BIDU, PDD led the NDX, 92 advancers

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

Up:  IWM, QQQ, SPY, DIA,

Down:

Nine of eleven sectors were higher on Tuesday, led by XLC, XLY and XLRE.

Communication Services leaders:  MTCH, PARA, NFLX, GOOGL

Consumer Discretionary leaders:  CZR, CCL, ETSY, RCL

Real Estate leaders:  DLR, EQIX, HST, CPT

Advancers strengthened on Tuesday as advancers led 2,424 to 775 on the NYSE and led 3,068 to 1,587 on the NASDAQ.

The SPY MFC green line is pointed up at 88.4 and is short-term bullish.  SPY opened higher, closed lower than it opened forming a black candle.

Uptrend sectors:  XLE, XLF, XLB, XLI, XLV,

Neutral sectors:  XLP,

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

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

3-month Intermediate Term Market Trend: Down

3-day Short Term Market Trend: Up a little

92 of 100 NDX stocks closed higher on Tuesday

91 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, 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, AAPL, ADSK, AMD, ATVI, CDNS, CPRT, FISV, FTNT, JD, MRVL, MSFT, MTCH, NFLX, PYPL, QCOM, SNPS, SPLK, VRSK, VRSN, WDAY, ZM, ALGN, DOCU, BIDU, CTSH, DDOG, GOOGL, INTU, NTES, OKTA, PANW, SGEN, ZS,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 10

BIDU, CTSH, DDOG, GOOGL, INTU, NTES, OKTA, PANW, SGEN, ZS,

Moving Below 30 DMA = 1

REGN,

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