SPX Forms Hammer, Closes Slightly Lower...Health Care, Communications Services Lead Sectors...FOMC on Wednesday, Rates Unchanged Expected...

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The SPX -9.58 opened slightly lower, went down, rallied and closed near its open.  The SPX closed near short-term support on September 7. 

Breadth was weaker and still negative on Tuesday.

QQQ formed a hammer and SPY formed a dragon fly doji, both near short-term support.

FOMC announcement tomorrow at 2 pm ET and press conference 2:30 pm ET.

 CME Fed Watch tool forecasting rates to remain unchanged.

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

SPY down .92 at 442.71, on 66.4 million shares, below average volume, closed slightly lower on higher volume. 

VIX up .11 at 14.11

QQQ down .79 at 369.87

IBM, AAPL, HON, AMGN led the DJIA, 7 advancers, -9

MOS, ETSY, CBOE, VFC led the SPX, 198 advancers

ENPH, MRNA, SIRI, VRTX led the NDX, 36 advancers.

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

Up: 

Down:  SPY, QQQ, DIA, IWM,

Two of eleven sectors were higher on Tuesday, led by XLV, XLC and XLK.

The SPY MFC green line is pointed down at 57.6 and is short-term defensive.  SPY opened slightly lower and closed slightly higher.

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

3-day Short Term Market Trend: Down

36 of 100 NDX stocks closed higher on Tuesday.

47 NDX stocks are above their 30 DMA:  CEG, FANG, CSCO, GOOGL, REGN, BKR, INTU, SGEN, VRSK, CDNS, TEAM, WDAY, CTAS, MELI, PANW, SNPS, AMZN, INTC, MU, PDD, ANSS, ZM, ZS, CRWD, MSFT, ABNB, TSLA, AMGN, EXC, FTNT, TMUS, CHTR, COST, GFS, META, HON, PYPL, AEP, CSX, KHC, PCAR, VRTX, XEL, CPRT, ADBE, EA, LULU,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 3

ADBE, EA, LULU,

Moving Below 30 DMA = 10

ADI, BKNG, DDOG, EBAY, KDP, PEP, MDLZ, QCOM, ROST, TTD,

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