SPX Closes Lower...Breadth Weakens...Energy, Utility Sectors Rise...Jobs Report Friday BMO...

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The SPX -38.02, 4,704.81 opened lower for a second day, traded in a range and closed lower near Dec 20 short-term support as breadth weakened from Tuesday.

Fed speak from Tom Barkin at the Raleigh Chamber of Commerce in NC indicated real progress had been made with inflation: “Twelve-month PCE inflation is down to 2.6 percent. Core is at 3.2 percent. Six-month core inflation is even lower, now just below our target at 1.9 percent.”

FOMC Minutes released at 2 pm ET, revealed no new insights beyond what was discussed at the last FOMC announcement and press conference.  Since the Fed describes itself as data dependent, new insights about the future of interest rates without new data would bring the accuracy of that self-descriptor into question.

Our view is that AAPL, as a bellwether for the technology industry, NDX and SPX is likely the keystone to either a short-term bounce or break of support.  Stay tuned for Thursday’s action.

Jobs Report, Friday 8:30 am, BMO. 

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

SPY down 3.86 at 468.79 on 103.4 million shares, above average volume, closed lower on lower volume. 

VIX up .84 at 14.04

QQQ down 4.26 at 398.33

CVX, MRK, AMGN, DIS led the DJIA, 9 advancers, -9

LLY, MPC, EOG, VLO led the SPX, 102 advancers 

PDD, FANG, REGN, GOOGL led the NDX, 16 advancers.

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

Up: 

Down:  DIA, SPY, QQQ, IWM,

Two of eleven sectors were higher on Wednesday, led by XLE, XLU and XLV.

The SPY MFC green line is pointed down at 88.3 and is counter-trend defensive. 

Uptrend sectors:   XLC, XLK, XLF, XLY, XLI, XLRE, XLB, XLE, XLV, XLP, XLU,

Neutral sectors: 

Down trend sectors: 

The 6-month intermediate trend is up.  The ten-day trend is down a little.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down

16 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA:  LULU, DLTR, INTC, AEP, CRWD, CTAS, ROST, TMUS, DXCM, KDP, AMD, HON, QCOM, KHC, COST, PCAR, PDD, WDAY, ZS, BKNG, MAR, IDXX, ISRG, CSX, CTSH, NXPI, TXN, XEL, MRNA, TEAM, REGN, AMGN, GILD, ILMN, ON, BIIB, WBA, AVGO, CMCSA, MRVL, MU, ANSS, FTNT, GEHC, GFS, SIRI, AZN, META, VRTX, CSCO, CCEP, SPLK, TTWO, BKR, FANG, GOOG, GOOGL, MNST, ADP, MDLZ, PEP,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 15

ADI, ADSK, AMZN, ASML, CDW, CHTR, CSGP, FAST, INTU, LRCX, ODFL, PYPL, TSLA, VRSK, WBD,

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