© 2023
The SPX -31.67 continued to
drift lower on Wednesday, after a series
of unexpected announcements, over the past two weeks, from BOJ (yield curve),
Fitch (US downgrade to AA+) and Moody’s downgrade of 10 smaller to mid-size
banks combined with a negative EPS reaction to AAPL last Friday and China’s -14%
drop in exports on Tuesday, as selling volume outweighed buying ahead of Thursday’s
CPI report before the open.
Mega
caps AAPL, MSFT, GOOGL, AMZN, META, TSLA, NVDA fell.
SPY down 3.00 at 445.75, on 71.3 million shares, average volume, down on higher volume.
VIX down .03 at 15.96
QQQ down 4.09 at 367.91,
DOW, HON, CAT, VZ led the DJIA, 9 advancers, -1
AXON, AKAM, FLT, CRL, FSLR led the SPX, 207 advancers
MRNA, FTNT, ENPH, IDXX led the NDX, 38 advancers.
The two-year trend term is sideways. The
one-year trend is up.
Up:
Down: DIA, SPY, IWM, QQQ,
Four of eleven sectors were higher on Wednesday, led by XLE,
XLRE and XLU.
The SPY
MFC green line is pointed down at 59.8 and is defensive. SPY opened flat and closed lower.
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
38 of 100 NDX stocks
closed higher on Wednesday.
44
NDX stock are above their 30 DMA: CEG, META,
VRSK, ADBE, NXPI, COST, PDD, BKR, CSX, INTU, ROST,
ODFL, ADP, CHTR, CMCSA, MAR, PAYX, BKNG, FANG, AMGN, PDD, KDP, CSCO, MRNA,
JD, INTC, MU, GOOGL, LRCX, AMAT,
KLAC, REGN, AZN, MDLZ, CTSH, LULU, MELI, WBD, AMZN, GILD, TEAM, ILMN, MNST, PCAR, SGEN,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 8
ALGN, LCID, NFLX, NVDA, ON, SBUX, TTD, WDAY,
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