SPX Opens Lower, Closes Slightly Higher on Late Rally....Energy, Utilities, Consumer Discretionary Lead Sectors Higher...After-hours Market Momentum Pivots Higher on NVDA EPS Reaction...

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The SPX +6.29 opened lower after futures moved lower overnight led by PANW EPS reaction and closed slightly after a rally during the final 45 minutes of trading.  FOMC minutes 2 pm ET reflected no additional insights from the Fed meeting three weeks ago.  NVDA -19.80 fell in Wednesday trading before reporting EPS after the close.

PANW -104.12, -28.44%, on positive earnings and lowered guidance.  There was also in sympathy reactions in CRWD and ZS.

After-hours: NVDA +61.22, +9.07%, reported eps of $5.16 vs. 4.59 estimate a 57-cent beat.  Y/Y eps $5.16 vs. 0.88.  Revenue, EPS beat and raised guidance.  After the past two quarters of under-responsive reaction, it appears that this evening’s after-hours reaction is beginning to more accurately reflect the significant growth that NVDA strategy has produced.  Maybe the third time is the charm!

AMZN will replace WBA in the DJIA, next Monday, Feb 26, 2024.

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

SPY up .45 at 497.21 on 59.6 million shares, below average volume, closed higher on lower volume. 

VIX down .08 at 15.34

QQQ down 1.71 at 425.61

NKE, DOW, VZ, PG led the DJIA, 14 advancers, +4

EQT, GRMN, CTRA, ALB led the SPX, 200 advancers 

EXC, CSGP, ADI, KHC led the NDX, 56 advancers

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

Up:  DIA, SPY,

Down:  QQQ, IWM,

Nine of eleven sectors were up on Wednesday, led by XLE, XLU and XLY

The SPY MFC green line turned up at 87.1 and is short-term bullish. 

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

56 of 100 NDX stocks closed higher on Wednesday.

59 NDX stocks are above their 30 DMA:  CTAS, ROST, COST, ISRG, REGN, AVGO, META, SPLK, ADP, ADSK, NVDA, AMZN, DASH, LRCX, MSFT, NFLX, WDAY, MELI, CDNS, ORLY, AMAT, ASML, CDW, FAST, INTU, KLAC, PCAR, ABNB, SNPS, CEG, CSX, BKNG, DLTR, ODFL, IDXX, NXPI, GEHC, PAYX, SBUX, ON, QCOM, TTD, EA, FANG, AEP, CTSH, MAR, ROP, CCEP, PEP, ADI, CSGP, EXC, HON, KDP, TMUS, TXN, XEL,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 8

ADI, CSGP, EXC, HON, KDP, TMUS, TXN, XEL,

Moving Below 30 DMA = 6

CRWD, FTNT, MDB, PANW, VRSK, ZS,

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