Fed Rate Hike 25 Basis Points...NDX Closed Higher...RUT, SPX, DJI Closed Lower...

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SPX -33.92, 7,551 was positive until the FOMC press conference at 2:30 pm EDT, when it fell more than $6 and closed down below last Thursday’s low.  Breadth strengthened but remained negative as decliners led on both the NYSE and the NASDAQ exchanges. 

RUT 2,858 fell to a 3-month low. Oil /CL fell -3.45 and closed at 102.02.  The Fed did announce a 25-basis point hike as expected by the ZQ fed funds traders, financial media and numerous commentators.  Tuesday and Wednesday we did hear Rick Rieder of BlackRock, Tom Lee of Fundstrat and Dan Greenhaus of Solus Asset Mgt, say they thought the Fed could have kept rates unchanged.

SPX advancers: LITE COHR AXON GEV EW INTC RVTY DELL MTD MRVL SMCI.

SPX decliners: JBHT ON FANG OXY TPL COP EXE EOG DVN FSLR HBAN.

SPY -3.34, -0.44%, above average volume of 58.9 million shares, was positive until the FOMC press conference at 2:30 pm EDT, when it fell more than $6 and closed below last Thursday’s low at short-term support. 

VIX +0.51, 17.71 closed higher.

NDX +0.02% sideways, closed lower at support.

DJI, 51,461 -1.21%, remained above Thursday’s short-term low.

Up: QQQ,

Down: IWM, SPY, DIA,

 

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

SPCX closed at 150.88, +7.39, on volume of 181.4 million shares. Our view is that SPCX, with no earnings, remains an overvalued speculation.  IPO at 135 on June 12.  In the end if buyers are greater than sellers the stock will rise.  People seem to be willing to speculate on this company’s fundamental future. 

The SPY MFC green line is down at 44.4 price-action on Wednesday closed below Thursday’s low short-term support and is defensive. -8.1

Two of eleven sectors were higher on Wednesday.  XLK +0.1% led and XLU was unchanged.

48 of 100 NDX stocks closed higher on Wednesday.

21 NDX stocks are above their 30 DMA: WBD, GILD, SPCX, KDP, MSTR, TSLA, QCOM, AAPL, ALNY, META, AMD, INTC, APP, AZN, CRWD, FTNT, PANW, ISRG, LITE, MRVL, PLTR,

NDX Stocks to Watch on Thursday

Moving Above 30 DMA = 4

ISRG, LITE, MRVL, PLTR,

Moving Below 30 DMA = 4

ADP, FANG, MSFT, SNDK,

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