SPX Opens Higher after Lower PPI, Reverses Lower after Fed Comments from Bullard, Mester...All Sectors Close Lower...

© 2023 

-The SPX -62.11 opened higher, closed lower below Tuesday's low.

-Before the open PPI came in better, lower than expected while Retail Sales came in worse, lower than expected.

-QQQ closed lower below the low of the previous day and remained above its 30 DMA.

-VIX rose.

-Markets sold off after Fed speak from Bullard and Mester today.

 

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

Mega caps TSLA, NVDA, AAPL MSFT, GOOGL, META, AMZN fell on Wednesday.

iBB:  In our model account we maintain a net long position.  We had 2 LCV positions hit their target profit, and we reduced our Jan 20 exposure and added bearish LPVs and increased Jan 27 risk exposure with new positions.

Day 3 of Q4 Earnings Season today with four SPX companies reporting BMO:

First day reaction: Q4 through Jan 18…

Positive:  JBHT, PLD, MS, SBNY, WFC, JPM, BAC, BK, C, FRC = 10

Neutral: BLK = 1

Negative:  PNC, UAL, SCHW, GS, CFG, DAL, UNH = 7

26 SPX companies report EPS this week:

Tuesday:  CFG, GS, MS, SBNY, UAL,

Wednesday:  JBHT, PLD, PNC, SCHW, DFS, KMI,

Thursday:  CMA, FAST, FITB, KEY, MTB, NTRS, PG, TFC, NFLX, PPG, SIVB,

Friday:  HBAN, RF, SLB, STT

SPY down 6.28 at 391.49, on 99.6 million shares, above average volume, down on higher volume.

VIX up .98 at 20.34

QQQ down 6.28 at 277.88

GS, AAPL, TRV, DIS led the DJIA, 0 advancers, -6

JBHT, STX, DINO, POOL led the SPX, 55 advancers

MRNA, QCOM, LCID, SGEN led the NDX, 12 advancers.

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

Up:

Down:  QQQ, SPY, IWM, DIA,

All eleven sectors were lower on Wednesday, least negative were XLC, XLK and XLY.

The SPY MFC green line is pointed up at 59.5 and is short-term bullish.  SPY opened flat and closed lower.

Uptrend sectors:   XLB, XLI, XLF, XLC, XLRE, XLE, XLK, XLU, XLV, XLP,

Neutral sectors:  XLY,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

12 of 100 NDX stocks closed higher on Wednesday.

60 NDX stock are above their 30 DMA:   ROST, AZN, AVGO, ALGN, BKNG, META, SGEN, CMCSA, PDD, PYPL, SBUX, EBAY, IDXX, MU, NFLX, WBD, BKR, CHTR, AMAT, ASML, CSX, CTSH, FANG, INTC, KLAC, LRCX, ODFL, TMUS, TXN, VRSK, ADBE, ANSS, CDNS, MCHP, MELI, ADSK, AMZN, COST, DLTR, ISRG, NXPI, QCOM, ABNB, AMD, BIIB, FISV, LCID, MAR, NVDA, TEAM, CPRT, GFS, GOOG, GOOGL, MRVL, OKTA, VRTX, AAPL, ILMN, ZS,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 12

ADI, CSGP, DDOG, EXC, JD, KHC, MNST, PAYX, PCAR, SIRI, XEL, ZM,

Add Comments here: