SPX Rebounds from Tuesday's Tech Selloff...Utilities, Consumer Staples, Technology Lead Sectors Higher...Stocks Rally During Powell's Report to Congress...

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The SPX +26.11 gapped higher after futures rose overnight, partially filled the gap as Powell appearance before the House started and rallied during his report.   lows during the last thirty minutes of trading.  A pullback from highs occurred after a DoD report of two deaths from an attack in the Red Sea.

CRWD +32.01, +10.76% on a positive earnings reaction.

NVDA +27.27, +3.18%, closed higher and made a new all-time closing high.

Fed Chair Jerome Powell is scheduled to deliver his Semiannual Monetary Policy Report to the Senate on Thursday, scheduled at 10:00 am ET.

Jobs Report, Friday 8:30 am ET.

Futures fell after-hours following comments from the Fed’s Neel Kashkari in a WSJ Live Event interview regarding a potential scenario of no rate cuts this year.

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

SPY up 2.57 at 509.75 on 68.1 million shares, average volume, closed higher on lower volume 

VIX up .04 at 14.50

QQQ up 2.74 at 438.79

INTC, IBM, CRM, HON led the DJIA, 16 advancers, +7

DXCM, ALB, CINF, PFE led the SPX, 362 advancers 

CRWD, QCOM, ASML, MRVL led the NDX, 69 advancers

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

Up:  IWM, QQQ, SPY, DIA,

Down: 

Ten of eleven sectors were up on Wednesday, led by XLU, XLP and XLK

The SPY MFC green line is pointed down at 90.4 and is counter-trend defensive.

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

Neutral sectors:  XLE, XLU,

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

69 of 100 NDX stocks closed higher on Wednesday.

59 NDX stocks are above their 30 DMA:  CTAS, ROST, COST, ISRG, REGN, AVGO, META, SPLK, NVDA, AMZN, DASH, LRCX, NFLX, CDNS, ORLY, AMAT, ASML, CDW, FAST, KLAC, PCAR, ABNB, SNPS, CEG, CSX, DLTR, ODFL, IDXX, NXPI, GEHC, ON, QCOM, TTD, FANG, AEP, MAR, CCEP, EXC, TMUS, AMD, CPRT, FTNT, MU, CSGP, MNST, BKR, MRVL, TXN, AZN, DXCM, MCHP, MRNA, ADI, ANSS, CRWD, HON, INTC, INTU,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 6

ADI, ANSS, CRWD, HON, INTC, INTU,

Moving Below 30 DMA = 1  

CTSH,

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