SPX Soars in Broad Rally after Fed Chair Powell Speaks...Technology, Communication Services, Consumer Discretionary Lead all Sectors Higher...

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The SPX +122.48 opened flat, traded in a range and soared after Jerome Powell’s speech at the Brookings Institute.  In my view this speech was one of his least ambiguous and most transparent speeches he has given.  Instead of sowing chaos he shared clarity.  The markets seemed clear on what he said and reacted extremely positively to his comments.

Thursday: Personal incomes & outlays report BMO, ISM Manufacturing 10 am ET, Fed speakers

Friday:  Jobs Report BMO, Fed speaker

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

SPY up 12.45 at 407.68, on 144.5 million shares, above average volume, up on higher volume.

VIX down 1.31 at 20.58

QQQ up 12.79 at 293.36

MSFT, CRM, AAPL, INTC led the DJIA, 28 advancers, +11

EL, HPE, ETSY, NVDA led the SPX, 475 advancers

WDAY, BIDU, NFLX, MRVL led the NDX, 96 advancers

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

Up:  QQQ, SPY, IWM, DIA,

Down:

All eleven sectors were higher on Wednesday, led by XLK, XLC and XLY.

Advancers were strengthened on Wednesday as advancers led 2,726 to 455 on the NYSE and led 3,630 to 1,120 on the NASDAQ.

The SPY MFC green line turned up at 92.6 and is short-tern bullish.  SPY opened flat and closed lower.

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

Neutral sectors:  XLK,

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

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Up

96 of 100 NDX stocks closed higher on Wednesday

84 NDX stock are above their 30 DMA:   BIIB, ORLY, GILD, PCAR, AMGN, KHC, PEP, SIRI, HON, ISRG, WBA, BKNG, ADP, CTAS, CSCO, MRNA, AMAT, CHTR, COST, CSX, IDXX, LRCX, MDLZ, MNST, NVDA, ROST, TMUS, AZN, LULU, KLAC, FAST, INTC, VRTX, XEL, AEP, EBAY, ADI, ASML, AVGO, CMCSA, MAR, MCHP, NXPI, ODFL, PAYX, PDD, SBUX, SWKS, TXN, ADBE, ANSS, AMD, ATVI, CDNS, CPRT, FISV, JD, MRVL, MSFT, MTCH, QCOM, SNPS, VRSN, BIDU, NTES, EXC, PANW, VRSK, KDP, CTSH, AAPL, ALGN, DOCU, DXCM, EA, GOOGL, INTU, MELI, META, MU, NFLX, OKTA, REGN, WDAY,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 14

AAPL, ALGN, DOCU, DXCM, EA, GOOGL, INTU, MELI, META, MU, NFLX, OKTA, REGN, WDAY,

Moving Below 30 DMA = 0

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