SPX Opens Lower after Negative EPS Reactions from GOOGL, MSFT, AMD...Falls in Broad Selloff During FOMC Press Conference...

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The SPX -79.32 opened lower after negative EPS reactions from GOOGL, AMD and MSFT traded lower before the FOMC announcement and sold off aggressively in the last hour of trading as Powell emphasized that it was not likely that there would be a rate cut in March.  This was NOT new information, however it certainly seemed to create a selling catalyst as prices fell broadly and rapidly.

The CME FedWatch Tool had the 20 Mar Fed Meeting probabilities of a 5.00 to 5.25 Fed Feds rate at 57.8% this morning, at 35.5% after the press conference and 53.0% this evening at 8:45 pm ET.  Quite a range of probabilities in a 12-hour period.

SYK +18.84, +5.95%, BA +10.60, +5.29%, positive EPS reactions, GOOGL -11.36, -7.50%, MSFT -11.01, -2.69%, AMD -4.37, -2.54%, negative EPS reactions

AAPL, AMZN and META report EPS Thursday AMC.

After-hours:  ALGN +31.68, +11.85%, QRVO +5.26, +5.27%, positive EPS reaction, CHRW –4.69, -5.58%, MET –1.53, -2.21% negative EPS reactions.

Jobs Report on Friday.

Thursday, day 14 of Q4 earnings season continues with 22 SPX companies BALL, BDX, BR, CAH, CMS, DGX, DOV, ETN, HON, IP, ITW, MO, MRK, PH, RCL, RVTY, SWK, TECH, TSCO, TT, WEC, WRK reporting BMO and 10 AAPL, AMZN, CLX, CPT, EMN, GEN, HIG, HOLX, MCHP, META reporting AMC.  107 SPX companies report this week.

First day reaction: Q4

Positive:  SYK, COR, BA, FTV, ADP, BSX, MTCH, EQR, PSX, MSCI. GM, SYY, NUE, GLW, MPC, HCA, DHR, HUBB, AXP, COF, LHX, CL, URI, AAL, IBM, RMD, WRB, CCI, MKC, PKG, DOW, CMCSA, VLO, BX, LRCX, STX, CSX, NEE, RJF, XEL, LVS, NFLX, TXT, TEL, GD, FCX, APH, VZ, RTX, UAL, BRO, PG, PCAR, HAL, TRV, RF, HBAN, FITB, SLB, STT, FAST, JBHT, MTB, CFG, BK, C = 66

Neutral:  MA, CB, SWKS, EA, JNPR, AVY, FFIV, NVR, PHM, PNR, BEN, TMUS, WY, SHW, AMP, NOW, UNP, STLD, ELV, ISRG, SYF, GE, CMA, TFC, GS, PNC, BLK, JPM = 28

Negative:  MKTX, ROK, TER, GOOGL, APTV, BXP, TMO, ROP, MSFT, AMD, RHI, HES, OTIS, MDLZ, ODFL, NDAQ, SBUX, UPS, WHR, ARE, JCI, AOS, PFE, INTC, FICO, KLAC, WDC, AJG, V, NSC, TSLA, HUM, NOC, MMC, LUV, KMB, TDY, BKR, T, ABT, TXN, MMM, DHI, IVZ, LMT, JNJ, ZION, PPG, DFS, KEY, NTRS, KMI, PLD, USB, SCHW, MS, DAL, UNH, WFC, BAC, = 60

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

SPY down 8.01 at 482.88 on 125.8.6 million shares, above average volume, closed lower on higher volume. 

VIX up 1.04 at 14.35

QQQ down 8.33 at 416.97

BA, UNH, INTC, JNJ led the DJIA, 4 advancers, -16

PARA, EW, SYK, COR led the SPX, 77 advancers 

ADP, QCOM, PDD, DXCM led the NDX, 11 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, with the smallest declines from XLV, XLU and XLRE.

The SPY MFC green line turned down at 90.6 and is counter-trend defensive. 

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

Neutral sectors: 

Down trend sectors:  XLE,

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

11 of 100 NDX stocks closed higher on Wednesday.

57 NDX stocks are above their 30 DMA:  CRWD, CTAS, ROST, TMUS, AMD, QCOM, COST, ZS, MAR, ISRG, TEAM, REGN, AMGN, ILMN, AVGO, MRVL, MU, FTNT, META, VRTX, CCEP, SPLK, ADP, MDLZ, ADSK, NVDA, AMZN, CTSH, DASH, DDOG, LRCX, MSFT, NFLX, WDAY, PANW, TTWO, MELI, CDNS, ORLY, VRSK, AMAT, ASML, CDW, FAST, INTU, KLAC, PCAR, ABNB, ADBE, CMCSA, SNPS, EA, CEG, CSX, MDB, PAYX, PEP,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 14

ADI, BKNG, CPRT, CSCO, CSGP, FANG, KHC, GOOGL, HON, MRNA, ODFL, PYPL, ROP, SBUX,

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