© 2023
A combination of ORCL’s negative EPS reactions drag
on tech stocks, a mixed reaction to AAPL’s product launch of iPhone 15
and Apple Watch 9 and mixed trading before Wednesday’s CPI report helped the
SPX -25.26 give back most of Monday’s 29.97-point
gain. The SPX remained above the
high of the low day on Thursday.
Breadth was weaker on Tuesday and turned negative.
QQQ, SPY Tuesday paused in their intermediate term trend continuation
bounce patterns.
CPI report
Wednesday BMO, Core Y/Y 4.3% consensus vs. 4.7% prior.
PPI and Retails Sales reports Thursday,
BMO.
Mega
caps NVDA, GOOGL, AMZN, AAPL, MSFT, META, TLSA fell
on Tuesday.
SPY down 2.46 at 445.99, on 67.5 million shares, average volume, closed lower on higher
volume.
VIX up .43 at 14.23
QQQ down 4.18 at 372.79
GS, CVX, HON, DIS led the DJIA, 16 advancers, -3
ZION, PNC, KEY, OXY led the SPX, 212 advancers
CTAS, FANG, GFS, PDD led the NDX, 22 advancers.
The two-year trend term is sideways. The
one-year trend is up.
Up: DIA, IWM, SPY, QQQ,
Down:
Three of eleven sectors were higher on Tuesday, led by XLE,
XLF and XLU.
The SPY
MFC green line is pointed down at 51 and is short-term defensive. 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 up a little.
3-month Intermediate Term Market
Trend: Up
3-day Short Term Market Trend: Up a little
22 of 100 NDX stocks
closed higher on Tuesday.
49
NDX stocks are above their 30 DMA: CEG, ROST,
FANG, CSCO, GOOGL, REGN, CTSH, ODFL, BKR, INTU,
SGEN, VRSK, ADBE, CDNS, TEAM, WDAY, BKNG, CTAS, MELI, PANW, SNPS, AMZN,
INTC, MU, NFLX, PDD, ANSS, ZM, ZS, CRWD, LULU, CSGP, MSFT, ABNB, TSLA, TTD, AMGN,
EXC, FTNT, TMUS, CHTR, COST, DDOG, GFS, MAR, PCAR, META, HON, PYPL,
NDX Stocks to Watch on Wednesday:
Moving Above 30 DMA = 2
HON, PYPL,
Moving Below 30 DMA = 6
AMAT, CPRT, EA, KLAC, ON, ORLY,
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