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The SPX -41.75 opened higher,
traded in a range, fell 45 points during and after the FOMC press conference
beginning at 2:20 pm ET. The SPX closed
below short-term support on September 7.
Breadth was weaker and more negative after Powell press
conference Wednesday afternoon.
QQQ and SPY rolled over during Powell’s press conference
and broke short-term support.
FOMC left rates unchanged. SPX
drops 45 points in final 90 minutes during Jerome Powell’s press conference. Selloff not due to Fed action at 2 pm ET, it
is a reaction to Jerome Powell at 2:30 p.m.
Mega
caps TSLA, AMZN, META, AAPL, MSFT, NVDA, GOOGL fell
on Wednesday.
SPY down 4.07 at 438.64, on 82.5 million
shares, above average volume, closed lower on higher volume.
VIX up 1.03 at 15.14
QQQ down 5.33 at 364.54
AMGN, UNH, IBM, TRV led the DJIA, 9 advancers, +2
TXT, AZO, WDC, IFF led the SPX, 173 advancers
XEL, AZN, LULU, ORLY led the NDX, 21 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 XLRE,
XLP and XLU.
The SPY
MFC green line is pointed down at 51.9 and is short-term
defensive. SPY opened higher
and closed lower.
Uptrend sectors: XLE, XLC,
XLF, XLY, XLV, XLI, 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 a little
3-day Short Term Market Trend: Down
21 of 100 NDX stocks
closed higher on Wednesday.
41 NDX stocks are above their 30 DMA: CEG, FANG, GOOGL, REGN, INTU, SGEN, VRSK, CDNS, TEAM, WDAY, CTAS,
PANW, SNPS, MU, PDD, ANSS, ZS, CRWD, ABNB, TSLA, AMGN, EXC, TMUS, CHTR, COST,
GFS, META, HON, AEP, CSX, KHC, PCAR, VRTX, XEL, ADBE, LULU, CSGP,
EBAY, KDP, MDLZ, ORLY,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 5
CSGP, EBAY, KDP, MDLZ, ORLY,
Moving Below 30 DMA = 12
ADSK, AMZN, BKR, CPRT, CSCO, EA, FTNT,
INTC, MELI, MSFT, PYPL, ZM,
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