SPX Closes Flat after FOMC Raises 25bps as Expected...Communication Services, Industrials, Financial Lead Sectors...GOOGL UP, MSFT Down...After-hours: ALGN, META Soar on EPS Reaction...

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-Breadth was mixed on Wednesday.

-New Home Sales 697 K vs 727 K, lower than expected.

-FOMC raised the Fed Funds rate 25bps as expected.

-FOMC press conference prompted a rally and selloff, with SPX -0.71

-GOOGL +7.06, +5.78%, MSFT -13.21, -3.76%.

-After-hours EPS: META +20.72, +6.96%, ALGN +43.65, +12.84%,

-AAPL +.88, 194.50, breakout and bull flag setup.

-TSLA -.93, -0.35%, bull flag bounce pause, close below 30 DMA.

-Regional banks rallied: KRE +2.21, 4.74%, ZION +2.67, +7.46%.

Thursday day 11 of Q2 Earnings Season with 42 SPX companies reporting BMO: ABBV, AEP, AMT, AOS, BAX, BMY, BSX, CARR, CBRE, CMCSA, CMS, CNP, DTE, FTI, GWW, HCA, HON, HSY IP, KDP, KIM, LH, LIN, LKQ, LUV, MA, MAS, MCD, MLM, NOC, NSC, PCG, PNR, RCL, SPGI, TSCO, TXT, VLO, WAB, WST, WTW, XEL…and 24 AMC:  AJG, CINF, DLR, DXCM, EIX, EMN, ENPH, EQR, ESS, F, FSLR, HIG, INTC, JNPR, KLAC, LYV, MDLZ, MHK, MTD, PEAK, PFG, TMUS, VRSN, WY.

166 SPX companies report this week.

First day reaction: Q2 …

Positive:  UNP, BA, ODFL, GOOGL, ADP, CB,, APH, EQT, CME, OTIS, FTV, TEL, GD, KO, PKG, MSCI, GE, PHM, FFIV, MMM, NXPI, ADM, SHW, BRO, GLW, NVR, DOW, MCO, ROP, ZION, JNJ, ABT, KEY, UAL FCX, FITB, MKTX, IBM, KMI, TRV, MMC, NTRS, USB, CFG, ELV, JBHT, MTB, SCHW, MS, BAC, BK PNC, SYF, UNH, PEP = 56

Neutral: TMO, T, HES, HLT, V, VZ, ARE, NEE, GEHC, DHR, DPZ, COF, WRB, PPG, HBAN, PM, GS, BKR, JPM, WFC, CAG, CTAS, DAL = 23

Negative:  CSGP, ALLE, TDY, DGX, RHI, UHS, TXN, WM, MSFT, PI,  RTX, ALK, IVZ, LW, DOV, GM, KMB, WHR, PCAR, BIIB, AVY, CDNS, IPG, CMA, AXP, CSX, ISRG, RF, SLB, DFS, TSLA, EFX, NFLX, GPC, SNA, TFC, AAL, NEM, LVS, CCI, STLD, DHI, POOL, OMC, HAL, NDAQ, HAS, LMT, PLD, STT, C, BLK, PGR, FAST = 55

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

SPY up .07 at 455.51, on 70.9 million shares, below average volume, up on higher volume.  

VIX down .67 at 13.19

QQQ down 1.26 at 377.52,

BA, MMM, HD, KO led the DJIA, 19 advancers, +2

UNP, ZION, KEY, CMA led the SPX, 267 advancers

ODFL, GOOGL, ADP, LCID led the NDX, 42 advancers.

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

Up:  IWM, DIA, SPY,

Down:  QQQ,

Five of eleven sectors were higher on Wednesday, led by XLB, XLK and XLE. 

The SPY MFC green line is pointed down at 90.9 and is counter-trend defensive.  SPY closed flat.

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

Neutral sectors:  XLV, XLP, XLU, XLE,

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 a little

74 of 100 NDX stocks closed higher on Wednesday.

78 NDX stock are above their 30 DMA:  AAPL, NVDA, CEG, META, TTD, VRSK, FTNT, AVGO, WDAY, ADBE, PANW, NXPI, COST, PDD, BKR, CSX, MCHP, ABNB, HON, PCAR, SIRI, ADI, INTU, ROST, ODFL, IDXX, PYPL, ON, ORLY, DLTR, ADP, CHTR, CMCSA, EA, EXC, CTSH, DDOG, MAR, TMUS, LCID, AEP, PAYX, BKNG, FANG, ADSK, AMGN, ANSS, CTAS, EBAY, ENPH, LULU, MRVL, SBUX, SNPS, VRTX, ZM, PDD, QCOM, KDP, CSCO, FAST, KHC, MDLZ, MRNA, PEP, XEL, JD, MNST, ADI, CRWD, INTC, MU, WBA, GOOGL, LRCX, DXCM, TEAM, ZS, WBD,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 1

WBD,

Moving Below 30 DMA = 6

CDNS, CPRT, CSGP, GEHC, MSFT, TXN,

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