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The SPX +58.61, 5,554, opened slightly higher, pulled back 89 points in the first
hour and 20 minutes, a two standard deviation move, before selling exhausted
and buyers took control sending the SPX up +147 points, a move above the high
of the low day.
The SPX since Monday has regained 100% of Friday’s
selloff and an additional 50 points above Thursday’s close.
Today’s CPI report: M/M 0.2% vs 0.2% consensus,
Y/Y 2.5% vs 2.6% consensus.
Core CPI was M/M 0.3%
vs 0.2% consensus, Y/Y 3.2% vs 3.2% consensus. Two inline readings, one beat and one miss.
Reports indicate that some traders were
hoping for 50 bps cut by the FOMC next week, even though recent CME Fed
Watch tool readings indicate that was less probable. Today’s CME Fed Watch tool probability fell
from 35% Tuesday to 15% today.
VIX opened lower,
rallied on the first hour selloff before reversing and closing lower than it
opened.
The NDX +2.17%, opened higher, dropped during the first hour,
reversed as selling exhausted and closed higher with a strong bounce
continuation move.
NVDA +8.81, +8.15%, opened
higher, made a presented at the GS Communacopia + Technology conference and trended
higher.
AVGO +10.06, +6.79%, opened
flat, pulled back, reversed, trended up and closed higher.
PPI report Thursday
8:30 am ET.
Mega caps NVDA, AMZN, MSFT,
GOOGL, META, AAPL, TSLA rose, BRK/B fell on
Wednesday.
SPY up 5.63 at 554.42, 75.1 million
shares, above average volume
VIX down 1.39 at 17.69
QQQ up 9.96 at 468.62
AXP, INTC, AMZN, IBM led the DJIA, 18 advancers, +3
FSLR, ALB, AES, NVDA, ENPH led the SPX, 231 advancers
ARM, NVDA, SMCI, AVGO led the NDX, 70 advancers
Up: QQQ, SPY, IWM, DIA,
Down:
Six of eleven sectors were higher on Wednesday,
led by XLK, XLY and XLC.
The SPY MFC green line turned
up at 69.8 and is short-term bullish. +1.3
Uptrend sectors: XLV, XLP,
XLRE, XLU, XLF, XLI, XLY, XLC, XLB, XLK,
Neutral sectors:
Down trend sectors: XLE,
The 6-month intermediate
trend is up. The ten-day trend is down.
3-month Intermediate Term Market
Trend: Up
3-day Short Term Market Trend: Up
70 of 100 NDX stocks
closed higher on Wednesday.
60 NDX stocks are above their 30
DMA: CTAS,
GILD, AEP, CTSH, ADP, PAYX, EXC, XEL, MDLZ, KDP, PYPL, DASH, MELI, ISRG, FTNT, GEHC,
COST, PANW, TTD, SBUX, ADSK, CCEP, NFLX, ADBE, CSCO, MRVL, ROP, ROST, WDAY, TTWO,
BKNG, CSGP, TEAM, MAR, VRSK, MDB, PEP, MNST, AMZN, FAST, IDXX, LIN, PCAR, TMUS,
TSLA, TXN, AMD, AMGN, ARM, INTU, MSFT, AAPL, ADI, ANSS, AVGO, CEG, CRWD, HON, LULU,
NVDA,
NDX Stocks to Watch on Thursday:
Moving Above 30 DMA = 9
AAPL, ADI, ANSS, AVGO, CEG, CRWD, HON,
LULU, NVDA,
Moving Below 30 DMA = 2
KHC, ORLY,
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