NDX, SPX Closed Higher as Breadth Strengthened after the FOMC Announcement, Press Conference...Consumer Discretionary, Energy, Industrial Led Sectors...BA Led the DJI, SPX...

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SPX +60.63, 5,675, opened higher, traded in a choppy range before the 2 pm ET FOMC announcement.  As expected, the Fed left rates unchanged, and the market trended up after the announcement and during the 2:30 pm start press conference.

Powell referenced in the FOMC press conference that the actual economic or hard data was stable, and it was the soft data from surveys that depicted weakness.  In other words, reality was stable, and peoples’ opinions fluctuate.  He also referenced the concepts of signal and noise in his comments.  Overall, my view, was that this was a very interesting press conference and worth the listen.

Breadth strengthened as index ETFs rose and VIX -1.80 declined. Mega caps rose, and advancers were more than double decliners on both exchanges and in the broad indexes.  Net change advancing capital was multiples of declining capital.

The DJI, 41,964 +0.92%, opened higher and trended up.  NDX +1.30% pulled back resumed its rally after a one day pause.

TSLA +10.55, +4.68%, bounced and closed above Tuesday’s high.

Mega caps TSLA, AVGO, GOOGL, NVDA, AMZN, AAPL, MSFT, BRK/B, META, TSM rose on Wednesday. 

SPY up 6.11 at 567.13, 66.2 million shares, above average volume

VIX down 1.80 at 19.90

QQQ up 6.35 at 480.89

BA, AXP, IBM, CVX led the DJIA, 21 advancers, +13

BA, SMCI, RCL, CZR led the SPX, 364 advancers,

MSTR, APP, AXON, WBD led the NDX, 79 advancers

Up: IWM, QQQ, SPY, DIA,

Down:

The SPY MFC green line pointed up to 19.2 and is short-term bullish. +3.2.

Ten of eleven sectors were higher on Wednesday, led by XLY, XLE and XLI. 

Uptrend sectors: XLC, XLF,

Neutral sectors: XLV, XLP, XLY, XLI, XLU, XLRE, XLE,

Down trend sectors: XLK, XLB,

The 6-month intermediate trend is sideways.  The ten-day trend is down.

3-month Intermediate Term Market Trend:  Down

3-day Short Term Market Trend:  Up

79 of 100 NDX stocks closed higher on Wednesday.

29 NDX stocks are above their 30 DMA: CDW, ISRG, AEP, EXC, AMGN, AZN, VRTX, MDLZ, MNST, EA, KDP, PDD, MU, INTC, CMCSA, CSGP, FAST, INTU, ORLY, XEL, ASML, CCEP, FANG, AMD, MSTR, ROP, TTWO, WBD, ZS,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 6

AMD, MSTR, ROP, TTWO, WBD, ZS,

Moving Below 30 DMA = 5

BIIB, GILD, KHC, LIN, TMUS,

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