© 2023
The SPX +7.18 opened higher
after a better-than-expected PPI report, traded in a range and closed higher. Core PPI Y/Y 2.4% vs. 2.7%
prior, M/M 0.0% vs. 0.3% consensus. Headline PPI Y/Y 1.3% vs 2.0%
consensus, M/M -0.5% vs 0.1% consensus.
Profit taking in certain stocks was a factor
as the SPX pulled back about 18 points from its intra-day high.
Mega caps TSLA, GOOGL, AAPL rose
MSFT, META, NVDA, AMZN fell on Wednesday.
SPY up .95 at 449.68 on 77.2 million
shares, below average volume, closed higher on lower volume.
VIX up .02 at 14.18
QQQ up .29 at 385.62
DIS, INTC, WBA, NKE led the DJIA, 22 advancers, -3
TGT, VFC, CTLT, EXPE led the SPX, 303 advancers
JD, PDD, MRNA, NXPI led the NDX, 58 advancers.
The two-year trend term is sideways. The
one-year trend is up.
Up: DIA, SPY, IWM, QQQ,
Down:
Nine of eleven sectors were higher on Wednesday, led by XLP,
XLF and XLC.
The SPY
MFC green line turned down at 94.4 and is counter=trend defensive. SPY opened higher and closed higher.
Uptrend sectors: XLE, XLC,
XLK,
Neutral sectors: XLF, XLY, XLI, XLB, XLV,
Down trend sectors: XLU, XLRE, XLP,
The 6-month intermediate
trend is up. The ten-day trend is up.
3-month Intermediate Term Market
Trend: Sideways
3-day Short Term Market Trend: Up
58 of 100 NDX stocks
closed higher on Wednesday.
82
NDX stocks are above their 30 DMA: FAST,
MSFT, LULU, NFLX, DLTR, ORLY, INTC, AEP, AMZN, CEG, CRWD, CTAS, ROST, TMUS, ADBE,
ASML, CDNS, DXCM, GEHC, KDP, KLAC, MDLZ, MELI, SNPS, AMD, AVGO, HON, META,
MNST, MU, PEP, QCOM, SIRI, AAPL, AMAT, CPRT, EA, KHC, LRCX, NVDA, SBUX, WBD, COST,
CSGP, PCAR, PDD, WDAY, ZS, BKNG, DDOG, INTU, MAR, MRVL, VRSK, ADI, ADSK, ANSS,
IDXX, ISRG, MCHP, PANW, PAYX, ABNB, BKR, CSCO, CSX, CTSH, EXC, GFS,
GOOGL, NXPI, ODFL, PYPL, TEAM, TMUS, TXN, WBD, XEL, ZM, AMGN,
JD, WBA,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 3
AMGN, JD, WBA,
Moving Below 30 DMA = 1
VRTX,
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