© 2023
-SPX +5.64 opens flat, trades in a
range, closes slightly higher.
-QQQ, SPY reverse, forming a hammer and move above
the LOHD.
-VIX closed .48 lower.
-Powell semi-annual report to House produces a trading range
on Wednesday.
-CRWD +3.99, +3.19%,
on a positive EPS reaction
-CME FedWatch Tool probability for 50 bps hike rises to 78.6%.
DXY, TLT and TNX closed higher, while /CL and GLD moved
lower.
Mega caps NVDA, AAPL, GOOGL, AMZN,
META rose, MSFT, TSLA
fell.
iBB: In
our model account we maintain a net long position. We added LCV positions and principle protection adjustments today. Shifting to short-term bullish.
SPY up .65 at 398.92, on 74.5
million shares, below average volume, up on lower volume.
VIX down .48 at 19.11
QQQ up 1.48 at 297.82
INTC, CAT, HD, WBA led the DJIA, 13 advancers, +12
ON, ANET, DXC, WBD led the SPX, 287 advancers
MRVL, AMD, NVDA, GFS led the NDX, 65 advancers.
The two-year trend term is up a little. The
one-year trend down a little.
Up: QQQ, SPY, IWM,
Down: DIA,
Seven of eleven sectors were higher on Wednesday, led by XLRE,
XLK and XLU.
The SPY
MFC green line turned up to 38 and is short-term
bullish. SPY opened flat and
traded in a range as Powell testified to the House.
Uptrend sectors: XLK, XLC,
XLY, XLI, XLB, XLF, 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: Down
65 of 100 NDX stocks
closed higher on Wednesday.
37
NDX stock are above their 30 DMA: ALGN,
BKNG, META, SGEN, ANSS, CDNS, ABNB, FISV, NVDA, CPRT, FAST, PANW, ADI,
FTNT, GFS, CRWD, ORLY, DXCM, CSCO, MELI,
MCHP, AMAT, AVGO, PCAR, AMD, ATVI, OKTA, ODFL, VRSK, AAPL, MAR, TEAM, MNST, INTU,
SNPS, TXN, WBD,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 4
INTU, SNPS, TXN, WBD,
Moving Below 30 DMA = 3
BKR, REGN, WDAY,
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