SPX Closes Higher after FOMC Selloff and Rally...Technology, Consumer Staples, Real Estate Lead Sectors...

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-SPX +3.58, closed higher after today’s PPI report and FOMC announcement.

-VIX down .73

-Breadth weakened on Wednesday.

-PPI report, M/M -0.3% vs -0.1% est. beat, Y/Y 1.1% vs 1.6% est. beat.

-Core PPI, M/M 0.2% vs 0.2% est. inline, Y/Y 2.8% vs 2.9% est. beat.

-The SPX fell 36 points as the FOMC said it may need to hike 50 bps in 2023.

-The SPX rallied as the 2:30 pm Press conference began and closed higher.

-TSLA -1.92, -0.74%, pauses after closing higher for 13 days.

-Semiconductor stocks gained SMH +2.33, +1.52% as

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

-Regional banks down: KRE -1.29, -2.92%, CMA -2.22, -5.09%.

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

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

SPY up .52 at 437.18, on 100.6 million shares, above average volume, up on higher volume.

VIX down .73 at 13.88

QQQ up 2.64 at 365.90

NKE, INTC, WMT, PG led the DJIA, 13 advancers, -7

LUMN, NKE, ORCL, BSX led the SPX, 211 advancers

NVDA, AVGO, ODFL, ISRG led the NDX, 51 advancers.

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

Up:   QQQ, SPY,

Down:  DIA, IWM,

Four of eleven sectors were higher on Wednesday, led by XLK, XLP and XLRE.

The SPY MFC green line is pointed up at 96.6 and is short-term bullish.  SPY opened flat, after a better-than-expected PPI Report, had a sharp pullback after the FOMC announcement, rallied as the FOMC press conference began and closed slightly higher.

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

51 of 100 NDX stocks closed higher on Wednesday.

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, EA, GILD, ODFL, GEHC,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

GEHC,

Moving Below 30 DMA = 1

AZN,

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