DJIA New All-time Closing High...SPX, NDX Fall Sharply on Export Restriction Concerns...Consumer Staples, Energy, Real Estate Lead Sectors...Counter-trend Defensive...

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The SPX -78.93, 5,588, opened lower, trended down and closed lower as semiconductor stocks fell after a Bloomberg report indicated the Biden administration is considering export restrictions on companies that are selling chipmaking equipment to China. 

The NDX -2.94% also closed lower.  DIA made a new all-time closing high on Wednesday. 

Fed’s Waller and Barkin spoke on Wednesday. 

TSLA -8.06, -3.14%, opened lower, traded in a range and closed lower.

ASML -136.13, -12.74%, fell after a better-than-expected earnings report but indicated that the current year could remain flat as it gears up for a strong 2025.

Earnings season’s continues this week with 46 SPX companies reporting.  ABT, BX, CTAS, DHI, DPZ, KEY, MMC, MTB, SNA, TXT report BMO and ISRG, NFLX, PPG report AMC on Thursday.

First day reaction: Q1

Positive:  USB, JNJ, CFG, PLD, STT, UNH, BAC, PNC, GS, BK, FAST= 11

Neutral: SYF, MS, BLK = 3

Negative:  JBHT, ELV, NTRS, OMC, SCHW, PGR, WFC, C, JPM = 9

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

SPY down -7.92 at 556.94, 56.1 million shares, above average volume

VIX up 1.29 at 14.48

QQQ down -14.57 at 481.77

UNH, JNJ, CSCO, CVX led the DJIA, 22 advancers, -4

SOLV, PGR, HSIC, BMY led the SPX, 251 advancers 

GFS, WBD, KHC, PEP led the NDX, 35 advancers

Up:  DIA,

Down:  IWM, SPY, QQQ

Six of eleven sectors were higher on Wednesday, led by XLP, XLE and XLRE.

The SPY MFC green line turned down at 90.3 and is counter-trend defensive.

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

Neutral sectors: 

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

35 of 100 NDX stocks closed higher on Wednesday.

61 NDX stocks are above their 30 DMA:  VRSK, AAPL, REGN, BKNG, FANG, VRTX, CHTR, TMUS, EA, ROST, HON, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, AMGN, BKR, GILD, INTU, FANG, TEAM, CSX, INTC, ODFL, WDAY, GFS, ON, TXN, NXPI, MELI, ADI, AEP, CTSH, GEHC, ILMN, ROP, CDW, CSCO, CSGP, CSX, FAST, MDB, LIN, ADP, CMCSA, PAYX, DXCM, EXC, IDXX, MNST, PCAR, PYPL, XEL, AZN, KHC, PEP, MDLZ,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 4

AZN, KHC, PEP, MDLZ,

Moving Below 30 DMA = 21

ABNB, AMAT, AMD, AMZN, ANSS, ARM, ASML, AVGO, CDNS, DDOG, GOOGL, ISRG, KLAC, LRCX, MCHP, MRVL, MSFT, NVDA, QCOM, SNPS, TTD,

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