SPX, NDX Closed Lower as NVDA news, Powell Speech Spur Selling...Energy Led Sectors...Mega Caps Fall...

 

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SPX -120.93, 5,275, opened about 50 points lower, after NVDA announced Wednesday after the close a $5.5 billion quarterly charge due to changes in export restrictions to China, and fell about 80 points before finding support during the first hour of trading. When Fed Chair began speaking at 1:30 pm ET in Chicago, the SPX fell more than 170 points on the day, before a 45-minute rally into the close.  Today’s drivers were NVDA news and Powell speech selloff.   Wednesday was definitely a pullback day. 

Breadth weakened as exchange and index advancers fell and net change declining capital rose sharply in both the NDX and SPX. 

The DJI, 39,669 -1.76%, opened lower, traded in a range and sold off at 1:30 pm ET when Jerome Powel began to speak in Chicago.  NDX -3.04% closed lower.

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EPS Q1 on Wednesday six SPX stocks reported: ABT, CF, PGR, PLD, TRV, USB

31 total SPX companies report this week including today AMC CSX, KMI and Thursday BMO AXP BX DHI FITB HBAN KEY MMC RF SCHW SNA STT TFC UNH.

First day reaction: Q1

Positive: ABT, PLD, CF, TRV, BAC, C, GS, FAST, JPM, BLK, MS, BK, DAL = 13

Neutral: UAL, PGR, PNC, JNJ, MTB, WFC, STZ = 7

Negative: JBHT, OMC, USB, KMX = 4

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TSLA -12.56, -4.94%, lower open, selloff, rally, formed a red hammer candle pattern. Earnings on Tuesday April 22, AMC.

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

SPY down 11.95 at 525.66 83.3 million shares, below average volume

VIX up 2.52 at 32.64

QQQ down 13.81 at 444.18

TRV, BA, CVX, UNH led the DJIA, 5 advancers, -4

APA, TRGP, ABT, DVN led the SPX, 65 advancers,

FANG, MDB, MSTR led the NDX, 3 advancers,

Up:

Down: IWM, DIA, SPY, QQQ,

The SPY MFC green line turned down to 45.6 and is short-term bearish. -2.8

One of eleven sectors was higher on Wednesday, led by XLE, XLRE and XLB. 

Uptrend sectors: 

Neutral sectors: XLP, XLC, XLF, XLU, XLY,

Down trend sectors: XLV, XLRE, XLE, XLI, XLK, XLB,

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

3-month Intermediate Term Market Trend:  Down

3-day Short Term Market Trend:  Down 

3 of 100 NDX stocks closed higher on Wednesday.

24 NDX stocks are above their 30 DMA: EXC, CPRT, AXON, CCEP, CDNS, COST, CRWD, CTAS, KDP, MDLZ, MNST, PLTR, ROST, EA, FAST, MSTR, TTWO, VRSK, ADSK, AEP, CSGP, MELI, NFLX, ZS,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 0

Moving Below 30 DMA = 10

ADP, BKNG, FTNT, MSFT, NVDA, ORLY, TMUS, TSLA, VRTX, XEL,

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