© 2023
The SPX -70.02, selloff on rapidly rising volume during the last 90
minutes of trading was reportedly from buyers taking a breathier. Buying exhaustion is a real market dynamic but
its sudden appearance today after five hours of modestly positive trading
without a specific news development was atypical. Mega caps and large cap stocks like AMD,
AVGO, COST, ASML, TXN, QCOM, ADBE, PEP and AMGN were among Wednesday’s
leading decliners.
After-hours: MU +3.81, +4.84%, positive
EPS reaction.
Mega caps GOOGL rose, and
META, MSFT, AAPL, AMZN, NVDA, TSLA fell on Wednesday.
SPY down 6.58 at 468.26 on 102.9 million shares, above average volume, closed lower
on higher volume.
VIX up 1.14 at 13.67
QQQ down 6.08 at 403.08
MCD, DOW, MSFT led the DJIA, 0 advancers, -19
CVS, JCI, ALLE, FDS led the SPX, 20 advancers
TEAM, GOOGL, DLTR, ODFL led the NDX, 5 advancers.
The two-year trend term is sideways. The
one-year trend is up.
Up:
Down: DIA, SPY, QQQ, IWM,
All eleven sectors were lower on Wednesday.
The SPY
MFC green line turned down at 93 and is counter-trend defensive.
Uptrend sectors: XLC,
XLK, XLF, XLY, XLI, XLRE, XLB, XLE, XLV,
Neutral sectors: XLU, XLP,
Down trend sectors:
The 6-month intermediate
trend is up. The ten-day trend is up.
3-month Intermediate Term Market
Trend: Up
3-day Short Term Market Trend: Down a little
5 of 100 NDX stocks
closed higher on Wednesday.
88
NDX stocks are above their 30 DMA: FAST,
LULU, DLTR, INTC, AEP, AMZN, CRWD, CTAS, ROST, TMUS, ASML, DXCM, KDP, KLAC, MELI,
SNPS, AMD, HON, QCOM, AAPL, AMAT, EA, KHC, LRCX, COST, CSGP, PCAR, PDD, WDAY, ZS,
BKNG, DDOG, INTU, MAR, ADI, IDXX, ISRG, MCHP, PAYX, ABNB, CSX, CTSH,
NXPI, PYPL, TSLA, TXN, XEL, WBD, ADP, PANW, MRNA, ADSK, TEAM, REGN, AMGN,
GILD, ILMN, ON, BIIB, WBA, AVGO, CMCSA, NFLX, MRVL, MU, TTD, ANSS, CDNS,
FTNT, GEHC, GFS, SIRI, AZN, META, NVDA, VRTX, CSCO, ODFL, CCEP, CDW, DASH, MDB,
ROP, SPLK, TTWO, BKR, FANG,
GOOGL,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 0
Moving Below 30 DMA = 5
CEG, MDLZ, MNST, MSFT, PEP,
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2 comments:
There was a news event that came across the SPY news feed yesterday @ 11:49.
NBC news reported 'Xi Warned Biden During Summit That Bejing Will Runify Taiwan with China'. I think that hit semiconductor and tech stocks the hardest.
https://www.nbcnews.com/news/china/xi-warned-biden-summit-beijing-will-reunify-taiwan-china-rcna130087
That was 11:49 PST
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