SPX Closes Above 5,600 for the First Time...SPX, NDX All-time Closing High...Technology, Basic Materials, Health Care lead all Sectors Higher...

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The SPX +56.93, 5,633, opened higher, traded in a range for 90 minutes, the trended up and closed above 5,600 for the first time, another all-time new closing high.  The NDX +1.09% also closed at a new all-time closing high.   

Powell gave his semi-annual testimony before the House Financial Services committee today which did appear to correlate with a 10-point pullback for about 60-minutes. 

Based on today’s price action we conclude that Powell’s comments were consistent with market expectations and that institutions are expecting tomorrow’s CPI report to be at least in line with the consensus forecast of Y/Y of 3.1% and Core Y/Y of 3.5%.  This reflects expectations, actual results may vary.

CPI report Thursday July 11, 8:30 am ET.

Earnings season unofficial start is Friday with JPM, C, WFC, BNY, FAST reporting BMO.

NVDA +3.53, +2.69%, 134.91, opened higher, traded in a range and closed higher.  Susquehanna reiterated its price target of $160 with a Positive rating.

AVGO +11.38, +0.66%, in a bull flag bounce continuation move.  Its 10 for 1 split takes effect Monday, July 15. 

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

SPY up 5.50 at 561.32, 38.7 million shares, below average volume

VIX up .34 at 12.85

QQQ up 5.19 at 502.96

HD, TRV, MMM, MCD led the DJIA, 28 advancers, +17

ALB, KMX, QRVO, SWKS led the SPX, 403 advancers 

ILMN, WBA, ON, MU led the NDX, 73 advancers

Up:  DIA, QQQ, SPY, IWM,

Down:  

All eleven sectors were higher on Wednesday, led by XLB, XLV and XLV.

The SPY MFC green line is pointed up at 98.1 and is short-term bullish.

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

Neutral sectors:  XLRE,

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: Up

73 of 100 NDX stocks closed higher on Wednesday.

68 NDX stocks are above their 30 DMA:  GOOGL, TSLA, COST, TTD, VRSK, AAPL, REGN, AMAT, BKNG, KLAC, NVDA, FANG, NFLX, SNPS, VRTX, ISRG, CHTR, TMUS, EA, ROST, HON, META, MSFT, AVGO, CRWD, LRCX, ZS, CTAS, PANW, ORLY, ADSK, MAR, TSLA, ADBE, ABNB, AMGN, AMZN, BKR, GILD, INTU, DDOG, FANG, ARM, TEAM, CSX, INTC, ODFL, WDAY, AMD, ANSS, CPRT, GFS, ON, TXN, MRVL, NXPI, MELI, ADI, BIIB, CEG, AEP, CTSH, GEHC, ILMN, MCHP, MU, QCOM, ROP,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 8

AEP, CTSH, GEHC, ILMN, MCHP, MU, QCOM, ROP, 

Moving Below 30 DMA = 2

FTNT, MDB,

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