SPX, NDX Closed Lower, Formed Hammer Candles in a Bull Flag Price Patter...Energy, Consumer Staples, Health Care Led Sectors...

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SPX -15.59, 6,395, opened slightly lower, sold off into a large red candle, rallied into a red hammer set up a bull flag price pattern for a potential entry on Thursday above the high of the low day.  Technology related stocks like PLTR, NVDA, AMD, TSLA and AVGO continued to selloff during the first 90 minutes of trading, when selling exhausted buying took off and SPX began to bounce off of Wednesday’s low. 

For a second day there was noticeable buying in other sectors like consumer staples and health care.  Breadth was mixed on Wednesday.

NDX -0.58%, five-day bull flag pattern with a hammer candle.

DJI, 44,938, +0.04%, trading range pause day, BO setup, near unchanged with strength in TRV and CAT offset by weakness in HD, AAPL and UNH.

NVDA -0.24, -0.14%, formed a dragonfly doji and is a two-day bull flag setup.

AVGO -3.74, -1.27%, is a bounce setup or a five-day bull flag pattern.

Recent IPOs: AMBQ +0.92%, FIG +6.67%, FLY -0.46%, and BLSH +5.68%.

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

SPY down 1.70 at 638.11, 88.7 million shares, above average volume,

VIX up 0.12 at 15.69

QQQ down 3.38 at 565.90

TRV, WMT, CAT, KO led DJIA, 20 advancers, +4

ADI, MCK, PSKY, MDT, FDS led SPX, 259 advancers,

ADI, REGN, MCHP, TXN led NDX, 39 advancers,

Up: DIA,

Down: SPY, IWM, QQQ,

The SPY MFC green line turned down at 84.9 and is counter-trend defensive. -4.9

Seven of eleven sectors were higher on Wednesday led by XLE, XLP and XLV. 

Uptrend sectors: XLK, XLC, XLY, XLI, XLU, XLF, XLB,

Neutral sectors: XLP, XLE, XLV, XLRE,

Down trend sectors:

The 6-month intermediate trend breakout is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down a little

39 of 100 NDX stocks closed higher on Wednesday.

41 NDX stocks are above their 30 DMA: CSX, GOOGL, AEP, CDNS, FAST, PEP, ORLY, XEL, PDD, BKR, ROST, TMUS, APP, AZN, META, EA, VRTX, IDXX, LIN, AAPL, COST, TSLA, KDP, MNST, GILD, MU, CPRT, PCAR, REGN, ASML, BIIB, INTC, NXPI, QCOM, NFLX, ADP, BKNG, EXC, ADI, AMGN, TXN,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 3

ADI, AMGN, TXN,  

Moving Below 30 DMA = 10

ADBE, AMD, AMZN, AVGO, CMCSA, DASH, LRCX, NVDA, SNPS, WDAY,

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