SPX Closes Lower on Powell Comments...50 BPS Probability Rises...All Sectors Lower...

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-SPX -62.05 opens flat and sells off as Powell testifies before the Senate.

-QQQ, SPY confirm shooting star candles with a move below the LOHD.

-VIX closed .98 higher.

-Powell semi-annual report to Senate triggered a major selloff on Tuesday. 

-Powell continues semi-annual report to House Wednesday 10 am ET. 

-DKS +14.65, +11.09%, on a positive EPS reaction

-CME FedWatch Tool probability for 50 bps rises to 69.8% from 31.4%. 

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

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

iBB:  In our model account we maintain a net long position.  We added LCV positions and made more profit protection adjustments today.  Shifting to short-term bearish.

SPY down 6.20 at 398.27, on 108.1 million shares, above average volume, down on higher volume.

VIX up .98 at 19.59

QQQ down 3.68 at 296.34

MRK led the DJIA, 1 advancer, -12

DISH, UAL, ON, DAL led the SPX, 30 advancers

OKTA, AMD, MELI, DXCM led the NDX, 10 advancers.

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

Up: 

Down:  IWM, QQQ, SPY, DIA,

All eleven sectors were lower on Tuesday, XLB, XLRE and XLF were the weakest.

The SPY MFC green line turned down to 37.8 and is short-term bearish.  SPY opened flat and rolled over and fell as Powell began his presentation before the Senate.

Uptrend sectors:   XLI, XLB, XLK, XLY, XLF, XLC, XLRE,

Neutral sectors:  XLE, XLP, XLU, XLV,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Sideways

3-day Short Term Market Trend: Sideways

10 of 100 NDX stocks closed higher on Tuesday.

36 NDX stock are above their 30 DMA:   ALGN, BKNG, META, SGEN, ANSS, CDNS, ABNB, FISV, NVDA, CPRT, FAST, PANW, WDAY, ADI, FTNT, GFS, CRWD, ORLY, DXCM, CSCO, REGN, MELI, MCHP, AMAT, AVGO, PCAR, AMD, ATVI, BKR, OKTA, ODFL, VRSK, AAPL, MAR, TEAM, MNST,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 9

CTAS, EXC, ILMN, MDLZ, MSFT, PEP, SNPS, TSLA, WBD,

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