CPI Fueled SPX Rally Fades after 45 minutes...Communication Services, Consumer Discretionary, Financial Lead Sectors...DIS Leads DJI...PPI Report Friday BMO...

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The SPX +1.12 rallied 59 points, after the CPI report BMO, from Wednesday’s close in the first 45 minutes of trading before reversing to close slightly positive.

Core CPI M/M 0.2% vs 0.2% est., Y/Y 4.7% vs.4.8% est. beat

Headline CPI M/M 0.2% vs 0.2% est., Y/Y 3.2% vs.3.3% est. beat

PPI report Friday 8:30 am ET BMO.

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

SPY up .16 at 445.91, on 93.0 million shares, above average volume, close slightly higher on higher volume.  

VIX down .11 at 15.85

QQQ up .68 at 368.59,

DIS, INTC, CRM, AMGN led the DJIA, 15 advancers, +6

VFC, FLT, GPN, BALL led the SPX, 230 advancers

MELI, DDOG, ZS, TEAM led the NDX, 59 advancers.

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

Up:  QQQ, DIA, SPY,

Down:  IWM,

Five of eleven sectors were higher on Thursday, led by XLC, XLY and XLF. 

The SPY MFC green line is pointed down at 56.6 and is defensive.  SPY opened higher and closed up slightly.

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 down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down a little

59 of 100 NDX stocks closed higher on Thursday.

43 NDX stock are above their 30 DMA:  CEG, META, VRSK, ADBE, COST, PDD, BKR, CSX, INTU, ROST, ODFL, ADP, CHTR, CMCSA, MAR, PAYX, BKNG, FANG, AMGN, PDD, KDP, CSCO, MRNA, JD, INTC, GOOGL, LRCX, AMAT, KLAC, REGN, AZN, MDLZ, CTSH, LULU, MELI, WBD, AMZN, GILD, TEAM, ILMN, MNST, SGEN, SBUX, WDAY,

NDX Stocks to Watch on Friday:

Moving Above 30 DMA = 2

SBUX, WDAY,

Moving Below 30 DMA = 3

MU, NXPI, PCAR,

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