SPX 137 Point Wild Ride on CPI Report and FOMC Minutes...Industrials, Basic Materials, Energy Lead Sectors...Get Ready for Earnings Season...

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-SPX -16.99 opened higher and closed lower, bearish engulfing candle.

-CPI Report M/M = 0.1% vs 0.3% est. Y/Y = 5.0% vs 5.2% est.

-Core CPI M/M = 0.4% vs 0.4% est. Y/Y = 5.6% vs 5.6% est.

-SPX pulled back 35 points during second hour of trading after

-Fed comments from Barkin and Daly, and then rallied 32 points.

-FOMC Minutes indicated more rate hikes and a mild recession later in the year,

-SPX fell 38 points after the FOMC minutes.

-Like Mr. Toad's Wild Ride, SPX moves 137 points to close down -16.99.

-VIX down .01.

-Earnings Season reports on Friday, April 14: JPM, C, WFC, BLK, PNC, UNH 

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

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

SPY down 1.67 at 408.05, on 86.4 million shares, below average volume, down on higher volume.

VIX down .01 at 19.09

QQQ down 2.79 at 313.04.

CAT, MMM, NKE, UNH led the DJIA, 18 advancers, -1

KMX, MHK, MOS, WHR led the SPX, 371 advancers

LCID, MELI, ALGN, TEAM led the NDX, 24 advancers.

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

Up:

Down:  DIA, SPY, IWM, QQQ,

Four of eleven sectors were higher on Wednesday, led by XLI, XLB and XLE.

The SPY MFC green line is pointed down at 90 and is countertrend defensive.  SPY opened higher, closed lower and formed a bearish engulfing candle.

Uptrend sectors:   XLK, XLC, XLB, XLP, XLV,

Neutral sectors:  XLU, XLI, XLY, XLE, XLF, XLRE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

24 of 100 NDX stocks closed higher on Wednesday.

68 NDX stock are above their 30 DMA:   META, SGEN, ANSS, CDNS, NVDA, PANW, FTNT, AMD, ATVI, VRSK, AAPL, ILMN, INTC, MDLZ, MELI, MSFT, SNPS, GOOG, GOOGL, PEP, ADBE, AMZN, CPRT, EA, INTU, ISRG, TXN, VRTX, ASML, AZN, LULU, REGN, WDAY, AMGN, BIIB, MNST, NFLX, CTAS, KDP, GILD, AEP, CMCSA, KHC, ORLY, TMUS, XEL, EXC, WBA, CTSH, DLTR, FANG, MRNA, SBUX, SIRI, ALGN, CSX, FISV, MU, COST, CSGP, HON, BKR, CRWD, DXCM, FAST, LCID, ODFL, PCAR,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

PCAR,

Moving Below 30 DMA = 11

ADI, BKNG, CHTR, CSCO, EBAY, GFS, LRCX, QCOM, RIVN, TEAM, WBD,

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