SPX, NDX Close Above the High of the Low Day as GOOGL Sparks Rally...Communication Services, Technology, Consumer Discretionary Led Sectors...AVGO Reports EPS Thursday AMC...

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Futures traded higher Tuesday evening after GOOGL announced a positive outcome from its anti-trust suit by the government.  SPX +32.72, 6,448, opened higher, traded in a range, closed higher with a bull flag bounce and close above the high of the low day. Tuesday was a hammer candle pattern.    

As price action traders, price takes precedence over the MFC green line (oscillator) and we are short-term bullish with Wednesday’s bull flag bounce close above the high of the low day.  Technical traders, trade what you see, trade the trend you see now.  Don’t trade the past, trade the present.

NDX +0.79%, gapped up, traded in a range, formed a spinning top at its 30 DMA.

DJI, 45,271, -0.05%, opened flat, traded in a range on a breakout test, formed a dragonfly doji for a second day, led by weakness in AXP, BA and CVX.

NVDA -0.16, -0.09%, opened flat, traded in a range, formed a spinning top.

AVGO +4.15, +1.39%, gapped open, traded in a range, formed a spinning top.  Reports EPS Thursday after the close.

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

SPY up 3.47 at 643.74, 70.8 million shares, average volume,

VIX down .82 at 16.35

QQQ up 4.45 at 570.07

AAPL, WMT, CRM, TRV led DJIA, 13 advancers, +4

GOOGL, CPB, DXCM, WDC, PSKY the SPX, 226 advancers,

GOOGL, DXCM, AAPL, KHC led NDX, 46 advancers,

Up: QQQ, SPY,

Down: DIA, IWM,

The SPY MFC green line is down at 86.3 short-term bullish. -2.8

Three of eleven sectors were higher on Wednesday led by XLC, XLK and XLY. 

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

Neutral sectors: XLP, XLV, XLRE,

Down trend sectors:

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

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Down a little

46 of 100 NDX stocks closed higher on Wednesday.

35 NDX stocks are above their 30 DMA: GOOGL, FAST, PEP, ORLY, PDD, BKR, ROST, TMUS, APP, AZN, EA, VRTX, IDXX, AAPL, MNST, MU, CPRT, INTC, NXPI, ADI, TXN, CMCSA, PANW, QCOM, TSLA, TTWO, NFLX, MDB, ADSK, WDAY, AVGO, BIIB, ASML, BKNG, CTSH,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 3

ASML, BKNG, CTSH,

Moving Below 30 DMA = 4

FANG, LIN, MELI, REGN,

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