NDX Closed Higher...SPX, RUT, DJI Closed Lower...MU Reports EPS Beat AMC...

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MU reported after the close Q4 EPS $33.42 Beats $31.45 Estimate, Sales $54.229B Beat $50.751B Estimate.  Market chatter seemed to be anticipating MU earnings after the close.

SPX -19.30, 7,651 opened higher, rallied, started to drift lower in the afternoon, fell in the last 15 minutes in expectation of MU EPS after the close. Breadth remained negative as decliners led on both the NYSE and the NASDAQ exchanges.  The NDX remained near resistance.  The SPX since August 4 is in a sideways consolidation pattern.

RUT 2,796 fell -11.05, a three-month closing low. Oil /CL rose +1.38 and closed at 90.31.  

SPX advancers: GEN CBOE SNPS HPE FDS INTC ACN PSKY NOW ADBE INTU.

SPX decliners: JBL MRNA APP GIS BE CAG GM NOC MKC FICO CEG.

SPY -1.57, -0.21%, above average volume of 61 million shares, range day. 

VIX +0.30, 16.34 rose.

NDX +0.23% bull flag setup, price just below its June high, also a setup for a horizontal resistance breakout to an all-time high.

DJI, 50,906 -0.86%, a red candle.

Up: QQQ,

Down: SPY, IWM, DIA,

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

SPCX closed at 150.86, +1.62, volume of 79.1 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 long-term fundamental future. 

The SPY MFC green line is down at 58.3, price-action on Wednesday is a pause lower close day and is counter-trend defensive. -2.0

One of eleven sectors was higher on Wednesday.  XLK +0.64%.

45 of 100 NDX stocks closed higher on Wednesday.

45 NDX stocks are above their 30 DMA: GILD, MSTR, QCOM, AAPL, META, AMD, INTC, CRWD, FTNT, PANW, ISRG, LITE, MRVL, PLTR, MU, NXPI, SNDK, ADI, ALAB, NBIS, NVDA, STX, TER, TXN, DDOG, MPWR, MSFT, RKLB, WBD, ASML, MAR, KLAC, LRCX, MCHP, SNPS, AMAT, CDNS, ROST, AMGN, SPCX,

NDX Stocks to Watch on Thursday

Moving Above 30 DMA = 5

CRWV, GOOGL, HON, LIN, WDC,         

Moving Below 30 DMA = 5

ALNY, AZN, COST, FAST, IDXX,

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