© 2023
The SPX +5.54 bounced
after the CPI report, traded in a volatile range and closed higher. The SPX remained above the high of the
low day.
Breadth was mixed on Wednesday and was modestly stronger.
QQQ, SPY closed modestly higher in their intermediate term trend
continuation bounce patterns.
CPI report:
Core Y/Y 4.3% vs. 4.3% expected M/M
0.3% vs. 0.02 % expected.
PPI and Retails Sales reports
Thursday, BMO.
Mega
caps AMZN, TSLA, NVDA, MSFT, META, GOOGL rose
and AAPL fell on Wednesday.
SPY up .52 at 446.51, on 60.1 million shares, below average volume, closed higher
on lower volume.
VIX down .75 at 13.48
QQQ up 1.42 at 374.21
MSFT, HON, GS, WBA led the DJIA, 14 advancers, -2
JBHT, DVA, CRL, WAT led the SPX, 202 advancers
MRNA, SNPS, AMZN, AMD led the NDX, 54 advancers.
The two-year trend term is sideways. The
one-year trend is up.
Up: QQQ, SPY,
Down: DIA, IWM,
Six of eleven sectors were higher on Wednesday, led by XLU, XLY and
XLC.
The SPY
MFC green line turned up at 52.1 and is short-term bullish. SPY gapped lower, rallied, filled the
gap 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 a little.
3-month Intermediate Term Market
Trend: Up
3-day Short Term Market Trend: Up a little
54 of 100 NDX stocks
closed higher on Wednesday.
51
NDX stocks are above their 30 DMA: CEG, FANG, CSCO, GOOGL, REGN, CTSH, ODFL, BKR, INTU, SGEN, VRSK, ADBE,
CDNS, TEAM, WDAY, CTAS, MELI, PANW, SNPS, AMZN, INTC, MU, PDD, ANSS, ZM, ZS, CRWD,
LULU, MSFT, ABNB, TSLA, TTD, AMGN, EXC, FTNT, TMUS, CHTR, COST, DDOG, GFS, META,
HON, PYPL, AEP, CPRT, EA, EBAY, ISRG, MRNA, ON, PEP,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 8
AEP, CPRT, EA, EBAY, ISRG, MRNA, ON,
PEP,
Moving Below 30 DMA = 6
BKNG, CSGP, MAR, NFLX, PCAR, ROST,
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