SPX Rally Fades to Close Near Unchanged Prior to Wednesday's FOMC Announcement...Energy, Industrials, Financials Lead Sectors...

© 2024

The SPX +1.49, 5,634, opened higher after an overnight rally, rose 37 points to Tuesday’s high before pulling back into a trading range.  VIX opened lower and reversed higher after the SPX pulled back from Tuesday’s high.

The NDX +0.05% opened slightly higher, traded in a narrow range before the FOMC announcement on Wednesday.

NVDA -1.19, -1.02%, was the only mega-cap to close slightly lower on Tuesday.

AVGO -1.55, -0.95%, closed slightly lower while trading in a narrow range.

ADBE -6.47, -1.24%, downward momentum slowed today after a negative EPS reaction on Friday because of lowered Q4 guidance.

FOMC announcement Wednesday, 2 pm ET and press conference 2:30 pm ET.  A rate cut of at least 25 bps is expected.

Mega caps BRK/B, AMZN, MSFT, GOOGL, META, TSLA, AAPL rose NVDA fell on Tuesday.

SPY up .23 at 563.07, 49.2 million shares, average volume

VIX up .47 at 17.61

QQQ up .26 at 473.49

INTC, DOW, AXP, CAT led the DJIA, 17 advancers, -8

ENPH, HPE, URI, SYF led the SPX, 268 advancers

MRNA, ABNB, FANG, PCAR led the NDX, 49 advancers

Up:  IWM, QQQ, SPY,

Down:  DIA,

Five of eleven sectors were higher on Tuesday, led by XLE, XLI and XLF.

The SPY MFC green line is pointed up at 91.9 and is short-term bullish. +4.5

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 up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

49 of 100 NDX stocks closed higher on Tuesday.

67 NDX stocks are above their 30 DMA:  CTAS, GILD, AEP, CTSH, ADP, PAYX, EXC, XEL, MDLZ, KDP, PYPL, DASH, MELI, ISRG, FTNT, GEHC, COST, TTD, SBUX, ADSK, CCEP, NFLX, CSCO, MRVL, ROP, ROST, WDAY, TTWO, BKNG, MAR, MDB, PEP, MNST, AMZN, FAST, IDXX, LIN, PCAR, TMUS, TSLA, AMD, AMGN, ARM, INTU, MSFT, ADI, ANSS, AVGO, CEG, CRWD, HON, LULU, CDNS, CDW, META, PCAR, VRTX, WBD, ABNB, ILMN, ORLY, QCOM, TXN, CSX, INTC, BKR, ODFL, QCOM, TXN,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 4

BKR, ODFL, QCOM, TXN,

Moving Below 30 DMA = 6

CSGP, KHC, NVDA, PANW, TEAM, VRSK,

Add Comments here: