FOMC Done...Trend Resumes...DIA, SPY Close Near All-time Highs...MU Bull Flag Entry...FB Divergence Bounce...Earnings Continue...

Eight of nine sectors moved higher on Wednesday…XLB, XLI and XLY were the strongest sectors…XLE was the weakest sector.     

Breadth strengthened as advancers led decliners 2.01 to 1 on the NYSE and 1.33 to 1 on the NASDAQ.

Wednesday – strengthened, advancers led

Tuesday – strengthened, advancers led

Monday – strengthened, mixed

Friday - weakened, decliners led

Thursday – strengthened, decliners led

SPY up .56 at 188.31 on 101.1 million shares

VIX down. 30 at 13.41…

TNX down .47 at 26.48…

TLT up .46 at 111.10...

XLF up .03 at 21.96 on 37.9 million shares

AAPL down 2.24 at 590.09 on 16.2 million shares

FB up 1.63 at 59.78…on 75.4 million shares…MACD Bullish Divergence bounce entry today

Technical Commentary:

IWM + 0.67%, QQQ + 0.26%, SPY + 0.30%, DIA + 0.45%.

DIA 164.45 closed just two cents from its all-time closing high on Dec 31, while SPY closed 57 cents below it all-time closing high on Apr 2.

MU +1.02, +4.06%, Tuesday’s bull flag setup, gave an entry signal today.  ETFC +2.05%, TPX +2.55%, MS +1.34% and BA +0.51% were also bull flag entries today.

SPWR Bull Flag… 

                       (click image to enlarge)

Trade with the trend of the chart you are trading and continue to move your protective stops.  Continue to follow your rules.

Short-term up trend Chart Targets:

SPY = 187.17, 189.70…

QQQ = 86.90, 87.88…

IWM = 113.84, 115.25…

Support Levels

SPY = 183.37, 181.38

QQQ = 85.09, 84.16, 83.15, 82.03

IWM = 110.12, 108.91, 106.99

Earnings This Week:

Monday: BWLD, GLW, SOHU

Tuesday:  DDD, ADM, BMY, CHRW, CHKP, COH, CNX, EBAY, ESRX, FISV, MAR, MRK, MGM, NOK, PCAR, PNRA, STX, SWI, SAVE, S, GT, TWTR, X, VLO, VRSK

Wednesday: GRMN, JDSU, MET, TSO, TWX, WDC, YELP

Thursday:  AKAM, ANR, CTRX, CLX, DVA, EXPE, XOM, ESI, K, KRFT, LNKD, MDC, MA, TMUS, TPX, VRTX, VIAB, WYNN

Friday:  LNG

Q1 Earnings Reactions

Positive Reactions – GRMN, ENR, LVLT, PBI, TWX, CHRW, CNX, DNB, FISV, MAR, VRSK, WLP, MGM, MRK, NOK, S, UTHR, BWLD, AAPL, AET, ALXN, ANGI, BA, BHI, BIDU, BTU, BX, C,COG, CTXS,  DAL, DAVE, DECK, DHI, DO, DV, ETFC, FCX, GE, GILD, GME, HOG, HAL, HAS, HOG, IBKR, INTC, JNJ, KO, LPNT, LRCX, MS, NXPI, POT, RF, SCHW, SNDK, SPWR, STI, SWK, SWKS, TKR, TRV, UNP, URI, WFC, XRX, YHOO

Negative Reactions – EBAY, ESRX, SEE, PNRA, STX, SWI, TWTR, ADM, BMY, CHKP, COH, DDD, GT, PCAR, SAVE, SOHU, ACI, AKS, ALTR, AMGN, AMZN, ATI, BAC, BBRY, BIIB, BRCM, CELG, CLF, CREE, F, FAST, FFIV, GOOG, IBM, JCI, JPM, KLAC, KMB, LLTC, LLY, LVS, LXK, MMM, MU, MXIM, NSC, NUE, P, PG, QCOM, SIRI, STLD, STT, T, UA, UNH, UPS, V, VMW, VZ, XLNX, YNDX, ZIOIN, ZNGA, 

Reversal in progress – BRCM, LLTC, NUE, STLD, ZION

Reversal of Initial Reaction – AKS, ATI, BAC, CELG, F, IBM, KMB, LVS, MMM, MU, PG, SIRI, T, UPS, YNDX, ANGI, BIDU, NFLX, RF, INTC

The SPY Market Forecast green line is pointed up at 72.

____________________

Setups

H Breakout: ATI, IBM, RCL, SPY, UNG, CELG, CMCSA, COST, SNDK,

Diagonal Breakout: C, FAS, GLW, KKD, MTW, NKE, ANR, LVS, UBNT, YNDX, ADSK, INTC, MNST, TRIP, TSLA, WYNN, YHOO,

Bull Flag: SPWR, SWKS, SCHW, SSCS,

One Day:

Potential Bullish Divergence: BX, JDSU, MFRM, SPLK, VRSN, YOKU, TSL, ZION,

Gap Up:  TSO, YELP

Gap Down:  JDSU, MET, WDC

Bear Flag: 

At Support:    

C- Pattern:   

Moves

New Highs: HOG, Z,   

Gap Up: GRMN, ENR, LVLT, CHRW, MAR, PBI, WLP, VRSK, SEE,

Gap Down: SFUN, TWTR, EBAY, ESRX,  

H Breakout: XONE, DTV, Z,     

Diagonal Breakout: 

Breakout Test:

Bull Flag Bounce: ETFC, MS, MU, BA, TLT, TPX,  

Bounce: CREE, ANGI, CRM, ESI, GOGO, RAX, SCTY, CTSH, MU, WFM,   

MACD Divergence Bounce: FSLR, IWM, JNPR, STI, DDD, LNKD, SSYS, ADBE, AKAM, AMZN, FB, WDC,

Bear Flag:

Support Break: SWI,   

______________________

74 of 100 NDX stocks closed higher on Wednesday.

Leading NDX 100 stocks included: FISV, CHRW, AVGO, MU, SIRI, VRSK, GRMN, GILD, FB, CERN, MAR

Lagging NDX stocks included: ESRX, EBAY, CTRX, STX

Leading stocks > +2% on Wednesday included: Z, TPX, ETFC, XONE, DDD, YNDX, GOGO, SSYS

Lagging stocks < -2.0% included: DDD, SSYS, TWTR, SFUN, SWI, QIHU, P

Stocks to Watch on Wednesday

Holding Above 30 DMA= 24

MAR, KRFT, INTC, CSCO, CHRW, SPLS, COST, EXPD, SIAL, MDLZ, MU, SNDK, CMCSA, ORLY, GILD, CHTR, MYL, AAPL,CTXS, SRCL, VOD, DTV, MSFT, ADP, ALZN, CELG, FISV, SYMC, YHOO, EQIX, NXPI

Moving Above 30 DMA = 13

ATVI, AVGO, BRCM, DLTR, FAST, GRMN, MAT, MXIM, PAYX, SIRI, VIAB, VRSK, LMCA

Moving Below 30 DMA = 1

NVDA

Staying Below 30 DMA

BIDU, LINTA, FOXA, CHKP, PCAR, TXN, ADI, WDC, ILMN, FFIV, QCOM, VIP, EXPE, STX, FB, REGN, SBAC, TSLA, ISRG, AMAT, KLAC, LLTC, NTAP, XLNX, BBBY, ROST, DISH, ALTR, AMGN, CTSH, HSIC, DISCA, SBUX, TSCO, INTU, AKAM, EBAY,ESRX, WFM, TRIP, ADBE, AMZN, BIIB, GMCR, CERN, PCLN, WYNN, LBTYA, MNST, NFLX, CA, ADSK, VRTX, CTRX, GOOG

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Up