NDX, SPX Rollover during FOMC Press Conference...DJIA, RUT Close Higher...

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Stocks rallied after the FOMC at 2 pm ET announced, as expected, that rates will remain unchanged.  After the press conference started stocks sold off rapidly and the NDX and SPX finished lower while the RUT and DJIA closed higher.

NDX -191.27, -1.67%, moved below the low of the high day at resistance.   The selloff was led by weakness in AAPL, AMZN, MSFT, FB, GOOGL and TSLA. 

SPX -15.71, -0.46%, closes at 3,385. SPX is a six-day sideways consolidation on a bull flag bounce pullback.

Traders need to be prepared on Thursday for bounce down from resistance, a move below the low of the high day.                                                                                                         

Five of eleven sectors were higher on Wednesday, led by XLE, XLF and XLI.

Energy leaders:  OXY, FANG, FTI, OKE

Financial leaders: NTRS, L, PFG, SYF

Industrials leaders: GE, FDX, AAL, FLS

SPY down -1.35 at 338.82 on 82.9 million shares, above average volume, down on higher volume.

VIX up +.45 at 26.04

CVX, WBA, BA led the DJIA, 14 advancers, -3

FOSL, GE, OXY, FANG led the SPX, 313 advancers

LBTYA, MRNA, WDC, FOXA led the NDX, 35 advancers

The two-year trend term is up.  The one-year trend is up.

Up: IWM, DIA,

Down: SPY, QQQ,

Breadth strengthened on Wednesday as advancers led 1,853 to 1,153 on the NYSE and led 2,013 to 1,416 on the NASDAQ

The SPY MFC green line turned down at 38.9 and is bearish.  Price action is a bounce off resistance and close just below the low of the high day.

Uptrend sectors:  XLB, XLY, XLI, XLK, XLP, XLC, XLV,

Neutral sectors:  XLRE, XLF, XLU,

Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is down.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

35 of 100 NDX stocks closed higher on Wednesday.

40 NDX stocks are above their 30 DMA:   CMCSA, ORLY, CPRT, CSX, SBUX, AVGO, ULTA, MAR, EXPE, FOXA, JD, WDAY, ZM, ALXN, ALGN, MDLZ, NVDA, PAYX, TSLA, CTAS, CTSH, INTC, NXPI, QCOM, WDC, AMGN, CHTR, COST, MU, ROST, SGEN, TCOM, BIDU, CDW, MRNA, TXN, VRSK, XEL, ADP, CERN,

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 2

ADP, CERN,

Moving Below 30 DMA = 6

ADBE, ANSS, ISRG, MNST, SNPS, TMUS,

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