SPX Opens Lower after China Cuts Rates and Fitch Comments on US Banking Ratings...All Sectors Move Lower...FOMC Minutes Wednesday 2:00 pm ET...

© 2023 

The SPX -51.86 opened lower and made a new short-term low..  /ES futures rolled over after China lowered it’s 10 year rate from 2.65% to 2.50% and continued to fall after a Fitch analyst indicated that Fitch could lower the US banking industry rating from AA- to A+. 

Retails Sales beat expectations.

FOMC Minutes Wednesday at 2:00 pm ET.

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

SPY down 5.22 at 442.89, on 75.7 million shares, average volume, close lower on higher volume.  

VIX up 1.64 at 16.46

QQQ down 3.93 at 366.42

AMGN, HD, IBM led the DJIA, 2 advancers, -11

PARA, DHI, LEN LLY led the SPX, 42 advancers

WDAY, CMCSA, ORLY, ISRG led the NDX, 13 advancers.

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

Up: 

Down:  DIA, QQQ, SPY, IWM,

All eleven sectors were lower on Tuesday, least weak were by XLV, XLC and XLK. 

The SPY MFC green line is pointed down at 42.8 and is short-term bearish.  SPY opened lower, broke below 3-day support 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: Down a little

13 of 100 NDX stocks closed higher on Tuesday.

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

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

ORLY,

Moving Below 30 DMA = 9

CRWD, FAST, LRCX, META, MU, PCAR, PDD, SBUX, TMUS,

Add Comments here: