SPX Closes Higher after CPI Report to a 52-week High...Basic Materials, Industrials, Consumer Discretionary Lead Sectors...

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-SPX +30.08, closed at a 52-week high, and above the one-year channel breakout.

-CPI report, M/M 0.1% vs 0.2% est. Y/Y 4.0% vs 4.1% est., beat.

-Core CPI, M/M 0.4% vs 0.4% est. Y/Y 5.3% vs 5.3% est., inline.

-VIX down .40, in front of Wednesday’s PPI report and FOMC announcement.

-Breadth was stronger on Tuesday.

-TSLA +8.88, +3.55%, higher for the thirteenth straight day.

-Semiconductor stocks gained SMH +2.09, +1.38% as

-NVDA, NXPI, MCHP, INTC, ADI, TXN and QCOM gained 1.8% to 3.9%.

-Regional banks: KRE +1.00, +2.32%, CMA +2.62, +6.39%,

-Wednesday, 8:30 am PPI report M/M -0.1% vs 0.2% prior, Y/Y 1.6% vs 2.3% prior.

-Wednesday, 2:00 pm FOMC announcement, 2:30 pm Press conference,

-No rate change: 93.1%, 25 bps increase: 6.9%, CME FedWatch Tool.

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

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

SPY up 2.86 at 436.66, on 95.9 million shares, above average volume, up on higher volume.

VIX down .40 at 14.61

QQQ up 2.77 at 363.26

CAT, DOW, INTC, AMGN led the DJIA, 20 advancers, +0

CMA, STLD, NCLH, GNRC led the SPX, 396 advancers

RIVN, LCID, OKTA, NVDA led the NDX, 76 advancers.

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

Up:   IWM, QQQ, SPY, DIA,

Down:

Ten of eleven sectors were higher on Tuesday, led by XLB, XLI and XLY.

The SPY MFC green line is pointed up at 95.3 and is short-term bullish.  SPY opened higher, after a better-than-expected CPI Report, had a sharp pullback and then rallied to close higher at new a 52-week closing high.

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

Neutral sectors:  XLV, XLP, XLU, XLRE, XLE, XLF,

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: Up

76 of 100 NDX stocks closed higher on Tuesday.

77 NDX stock are above their 30 DMA:  AAPL, AMZN, CPRT, ISRG, CSGP, MSFT, NVDA, CEG, LRCX, META, VRSK, DDOG, GOOG, GOOGL, AMD, CRWD, FTNT, ZS, NFLX, AMAT, ASML, KLAC, AVGO, MRVL, MU, SNPS, RIVN, TSLA, WDAY, CSCO, ADBE, TEAM, CTAS, PANW, CDNS, NXPI, TXN, ZM, ANSS, COST, PDD, ATVI, INTC, QCOM, ADSK, BKR, CSX, DXCM, MCHP, ABNB, ADP, EBAY, HON, JD, MAR, PAYX, PCAR, ALGN, CTSH, SIRI, CMCSA, GFS, WBA, WBD, ADI, FAST, INTU, SGEN, ILMN, LULU, REGN, ROST, VRTX, AZN, EA, GILD, ODFL,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 4

AZN, EA, GILD, ODFL,

Moving Below 30 DMA = 1

BIIB,

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