SPX Opens Lower and Closes Lower after CPI report is Higher than Expected...All Sectors Move Lower...NVDA Closes Slightly Lower...

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The SPX -68.67, after the CPI report came in higher than expected.   The SPX closed below 5,000 on Tuesday.  The CME Fed Watch Tool probabilities for a May rate cut dropped from a 52.2% probability yesterday to 35.3% today. 

NVDA -1.20 closed slightly lower at 721.28.  UBS raised its price target to $850 and Mizuho raised its price target to $825.

Wednesday BMO: CME, CRL, GNRC, GPN, IQV, KHC, MLM, WAB, WMB…AMC: ACGL, ALB, AWK, CSCO, EQIX OXY, ROL, TYL, VTR.

First day reaction: Q4 as of Tuesday, day 22 of Q4 earnings season.

Positive: WM, LDOS, HWM INCY, TRMB, FE, RL, DIS, TPR, NWSA, WYNN, MOH, ICE, EFX, HSY, MAS, BAX, K, GL, ALL, COP, ENPH, EMR, CMG, F, PRU, VLTO, AIZ, FTNT, JKHY, CVS, CDW, AMCR YUM, IEX, GEHC, DD, WTW, SPG, XYL, CMI, LIN, J, WAT, CNC, EL, ON, IDXX, TSN, CAT, META, AMZN, CLX, GWW, CI, HIG, CVX, CPT, CTVA, PH, ETN, TT, BALL, QRVO, MRK, TSCO, DOV, MO, CMS, ALGN, RVTY, BDX, WEC, 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 = 139

Neutral:  PFG, FRT, KO, MSI, MHK, CTLT, MAA, KIM, TROW, DTE, HLT, UBER, ATO, DAY, UDR, CTSH, NXPI, LLY, AME, L, ABBV, BMY, XOM, AAPL, RCL, AVB, PTC, DGX, 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 = 56

Negative: MCO, ZTS, MAR, ANET, CDNS, HAS, TAP, EXPE, TTWO, DXCM, MTD, ILMN, PEAK, PEP, REG, VRSN, PYPL, SINA, FLT, EG, BWA, KVUE, SPGI, MCK, ORLY, ZBH, DUK, PM, STE, PAYC, TDG, IPG, VFC, FOXA, AMGN, CINF, GILD, OMC, BF, EW, ESS, FMC, CARR, VRTX, FI, IT, APD, MCD,  CHTR, GEN, EMN, HOLX, AON, CHD, LYB, MCHP, REGN, CBOE, CHRW, AFL, MET, QCOM, IP, CAH, WRK, TECH, HON, ITW, SWK, BR,  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, = 130

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

SPY down 6.90 at 494.08 on 113.0 million shares, above average volume, closed lower on higher volume. 

VIX up 1.92 at 15.85

QQQ down 6.79 at 428.55

DIS, TRV, V, VZ led the DJIA, 5 advancers, -14

ECL, WM, LDOS, HWM led the SPX, 52 advancers 

AEP, ORLY, EA, MNST led the NDX, 6 advancers.

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

Up:  

Down:  DIA, SPY, QQQ, IWM,

All eleven sectors were down on Tuesday, led by the largest decliners XLY, XLRE and XLK.

The SPY MFC green line turned down at 92.7 and is counter-trend defensive. 

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

Neutral sectors:  XLU, XLE,

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

6 of 100 NDX stocks closed higher on Tuesday.

58 NDX stocks are above their 30 DMA:  CRWD, CTAS, ROST, AMD, COST, ZS, ISRG, REGN, AVGO, MRVL, FTNT, META, SPLK, ADP, ADSK, NVDA, AMZN, DASH, DDOG, LRCX, MSFT, NFLX, WDAY, PANW, MELI, CDNS, ORLY, VRSK, AMAT, ASML, CDW, FAST, INTU, KLAC, PCAR, ABNB, SNPS, CEG, CSX, MDB, BKNG, CPRT, DLTR, ODFL, GOOGL, IDXX, NXPI, GEHC, PAYX, SBUX, ON, QCOM, TTD, EA, FANG, PEP, AEP,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 1

AEP,

Moving Below 30 DMA = 7

ADBE, ADI, CTSH, ILMN, MAR, MU, ROP,

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