SPX Opens Higher Closes Slightly Lower as Monday's bounce Paused...Real Estate, Utilities, Consumer Discretionary Lead Sectors...NVDA Pulls Back after All-time High...

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The SPX -12.22 gapped up higher on the open, reversed during the first 15 minutes of trading, closed lower than Monday’s close but above the high of the low day on Friday. Mega caps NVDA gapped up to an all-time high which also attracted selling and closed lower ahead of earnings on Wednesday after the close.

Richmond Fed’s Barkin made comments regarding uncertainty on the path of inflation and interest rate hikes in a Reuter’s interview this morning.

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

SPY down 1.19 at 438.15, on 65.0 million shares, below average volume, closed lower on lower volume.  

VIX down .16 at 16.97

QQQ down .52 at 363.38

BA, AAPL, VZ, V led the DJIA, 10 advancers, -3

HAS, MRNA, IFF, LOW, MDT led the SPX, 192 advancers

MRNA, TEAM, ALGN, ABNB led the NDX, 35 advancers.

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

Up: 

Down:  QQQ, SPY, IWM, DIA,

Three of eleven sectors were higher on Tuesday, led by XRE, XLU and XLY. 

The SPY MFC green line is pointed down at 14.1 and is short-term bearish.  SPY opened higher, pulled back and closed lower.

Uptrend sectors:   XLE, XLV, XLC, XLF, XLI, XLY, XLB, XLK,

Neutral sectors:  XLRE, XLP, 

Down trend sectors: XLU,

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: Up a little

35 of 100 NDX stocks closed higher on Tuesday.

26 NDX stocks are above their 30 DMA:  CEG, ROST, ADP, CHTR, CMCSA, MAR, BKNG, FANG, AMGN, KDP, CSCO, GOOGL, REGN, CTSH, TEAM, AMAT, AMZN, CRWD, KLAC, LRCX, NVDA, ODFL, PANW, BKR, MELI, MRNA,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 3

BKR, MELI, MRNA,

Moving Below 30 DMA = 5

AZN, LULU, ORLY, VRSK, VRTX,

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