SPY Gives Back Gains Following FOMC Announcement...

Four of nine sectors moved higher on Wednesday …XLB, XLY and XLF were the strongest sectors while XLV was the weakest sector.  Oil futures fell for the fifth straight day .41 to close at 47.49.

Breadth strengthened as advancers led 1,825 to 1,181 on the NYSE and led 1,366 to 1,205 on the NASDAQ.

Wednesday – strengthened, advancers led, +4

Tuesday – strengthened, decliners led, +5

Monday – strengthened, decliners led, +0

Friday – weakened, decliners led, +1

Thursday – weakened, decliners led, +3

SPY down .29 at 207.75 on 125.0 million shares, 55% above average volume

VIX down .36 at 20.14

TLT up .52 at 135.80…on 9.0 million shares, 34% above average volume

Technical Commentary:

IWM +0.07%, SPY -0.14%, DIA -0.14%, QQQ -0.29%,

SPY traded higher through the FOMC announcement up until the last 30 minutes of trading when SPY dropped 1.25 and closed down 29 cents for the day.

Technical analysis based trades should be closed before earnings.

Trade what you see, not…

Stocks below support should generally be traded bearishly until a reversal pattern forms.

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include:  MYL, SWN, NUE, STLD, AKS, WMB, HPE, LB, XRX, SCHW, MAT, WRK, RRC, CVX, TMUS, INCY, MU, PAYX, SPY, DIA, IWM, AVGO, MXIM, MRK, AMZN, QQQ, CAT, AMAT, CTXS, PCLN, ESRX, TXN, UNH, WDC, CMCSA, DD, DISH, EA, STX, SCHN, NXPI, ULTA, VIAB, VRTX, MNST,

Bull Flag Bounces include: X, DLTR,

Horizontal Breakout Setups include: X, NVDA, GPS, XOM, MCD, WYNN, KHC, FISV, KO, DPS

Horizontal Breakout include: IRM, NEM,

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Remember:  “It’s a market of stocks, not just a stock market.”

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

The SPY MFC green line is pointed down at 66, time to be defensive

40 of 100 NDX stocks closed higher and two were unchanged on Wednesday.

60 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 6

EBAY, QCOM, ROST, SBAC, TSLA, VIAB

Moving Below 30 DMA = 5

CERN, SBUX, TMUS, VRSK, WFM

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Down