SPX, NDX Close Slightly Higher after a Trading Range Day...Consumer Discretionary, Communication Services Lead Sectors...After-hours: MU Lower after EPS Beat...

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The SPX +8.60, 5,477, opened flat, traded in a range, and closed higher.  The SPX closed above 5,400 for the tenth day. The NDX +0.25% closed higher but pulled back after MU reported EPS after the close. 

NVDA +0.31 +0.25%, 126.40, continued to bounce for a second day in a bull flag price pattern.  Citigroup raises price target to $150 from $126. 

AVGO +11.21, +0.71%, closed higher and is a bull flag setup.  It has a 10 for 1 stock split on July 15.

FDX +39.81, +15.53%, 296.19, after an EPS beat and positive guidance.  JPM upgraded to Overweight, raised price target to $359 from $296.  At least 15 other firms including GS, Baird, TD Cowen, Raymond James, Stifel, Well Fargo raised their price target on FDX.

After-hours: MU -11.36, -7.98%, fell after a beat on EPS and revenues, but gave a +/- adjusted guidance for the fourth quarter. The negative reaction gives an entry opportunity at a lower price after a minority of holder’s sell due to their cognitive dissonance about MU’s growth.

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

SPY up .68 at 545.51, 38.5 million shares, below average volume.

VIX down .29 at 12.55

QQQ up .99 at 480.37

AMZN, AAPL, BA, WMT led the DJIA, 13 advancers, +5

FDX, ALB, TSLA, AMZN, ALGN led the SPX, 173 advancers 

MDB, TSLA, AMZN, DDOG led the NDX, 35 advancers

Up:  QQQ, SPY, DIA,

Down:  IWM,

Two of eleven sectors were higher on Wednesday, led by XLY, XLC and XLB.

The SPY MFC green line is pointed down at 84.3 and is counter-trend defensive.

Uptrend sectors:  XLK, XLC, XLU, XLP, XLF, XLB, XLI, XLE,

Neutral sectors:  XLV, XLRE, XLY,

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: Sideways

35 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA:  AZN, GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, MU, TMUS, EA, ROST, HON, CMCSA, META, ROP, MSFT, AVGO, CRWD, LIN, LRCX, ZS, ILMN, CTAS, PANW, LIN, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, CPRT, KDP, AMGN, AMZN, BKR, CTSH, GILD, INTU, CCEP, CSCO, DDOG, TTWO, FANG, ARM, GFS, TEAM,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

MELI, ODFL,

Moving Below 30 DMA = 7

ADI, ADP, CEG, GEHC, ILMN, PAYX, SBUX,

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