SPX Opens, Closes Lower Following Higher than Expected...GEV Leads SPX...NVDA Leads NDX after MS Raises Price Target to $1,000...

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The SPX -49.27, 5,160.64, opened lower after the CPI was M/M 0.4%, Core CPI M/M 0.4% and Core Y/Y 3.8%, consensus forecast for each was 0.1% lower therefore they came in above forecast.  CPI rate was unchanged from last month in each category, but higher than expectation.

The S&P futures fell 94 points within 13 minutes after the CPI report at 8:30 am ET.  5,176.50 was the low and futures recovered approximately 30 points during the trading day.  The issue which is not being articulated is that the forecast, the consensus, the model was wrong, not the inflation rate. According to the narrative, markets are reacting because inflation is above expectations, while it’s the forecast that was too low. 

The FOMC Minutes at 2 pm ET, essentially contained no new information and had an imperceptible impact on market action.

On Thursday, the PPI Report will be released BMO, 8:30 am ET.

Friday is the unofficial start of earnings season with BMO reports from JPM, C, WFC, BLK, STT, PGR.  

GEV +6.20, +4.69%, spun off from GE last week, led the SPX on Wednesday. 

NVDA +16.85, +1.97%, 870.39, opened lower, reversed, traded higher after MS raised its price target from $795 to $1,000.

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

SPY down 5.20 at 514.12 on 82.6 million shares, above average volume,

VIX up .82 at 15.80

QQQ down 3.86 at 438.37

WMT, CVX, PG, TRV led the DJIA, 8 advancers, -13

GEV, FTI, AXON, KR led the SPX, 73 advancers 

NVDA, CEG, DLTR, TEAM led the NDX, 14 advancers

Up:   

Down:  QQQ, SPY, DIA, IWM,

One of eleven sectors was up on Wednesday, led by XLE, XLP and XLC

The SPY MFC green line is pointed down at 65.0 and is defensive.

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

Neutral sectors:  XLU, XLRE,

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 a little

14 of 100 NDX stocks closed higher on Wednesday.

37 NDX stocks are above their 30 DMA:  CTAS, AMZN, DASH, NFLX, PCAR, CEG, QCOM, FANG, EXC, CPRT, MU, BKR, AZN, DXCM, PYPL, MSFT, GOOGL, PEP, KHC, TTD, AVGO, KDP, TTWO, ADP, META, XEL, ADI, AMAT, BKNG, LRCX, MAR, MRNA, PAYX, ADP, DDOG, CSCO, TEAM,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 17

ABNB, AEP, ANSS, ASML, CDNS, CDW, CSGP, FAST, ISRG, KLAC, MCHP, MRVL, NXPI, ODFL, PDD, TXN, WBD,

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