Support Bounce Break High of the Low Day...

DJIA - 23.05, -0.29% SP500 + 5.84, +0.65% NASDAQ Comp. + 27.42, +1.55% Russell 2000 + 5.18, +1.06% Exchange NYSE NASD Advancing 2,180 1,607 Declining 831 1,120 Oil $68.67 -$0.57 Gold $933.80 +$10.10 SOX 258.08 +4.42 VIX 29.05 -1.53 The VIX moved down and did confirm the move up in the SPX on Wednesday. Strongest Sectors: XLK +1.41%...XLF +1.22%...XLB +1.00% Weakest Sectors: XLP +0.26%...XLE +0.40%...XLV +0.51% All nine sectors moved higher on Wednesday. Technology, Financials, Materials, Utilities and Industrials were stronger than the SPX +0.65%. Financial stocks stronger than XLF +1.22%: ICE, STT, CME, IVZ, AFL, PNC, BK, USB, MET, NTRS, PRU, SCHW, ALL FR, SPG and ETFs UYG and FAS. Tech stocks stronger than XLK +1.41%: ORCL, AMT, YHOO, EMC, DELL, SYMC, EBAY, INTC, TXN, AMAT, QCOM, and AAPL. Sector Watch Up Trending: Horizontal Breakout: XLB, XLK, XLY, XLE Sideways: XLV, XLF, XLP, XLI, XLU Down Trending: SPX Key resistance levels: 897 = 50 DMA 903 – 905 = horizontal, 200 DMA & Monday’s R1 920 - 930 = horizontal 944 – 956 = January/June horizontal 962 = 161.8% Fib extension Key support levels: 888 = weekly low 875 = May horizontal The SPX moved higher before the open on better than expected Durable Goods report at 1.8% vs. forecast of -0.5%. At 10 am ET the New Home Sales Report came in a 342K vs. an estimate of 365K. SPX rallied into the Fed announcement to keep rates steady. Sellers seemed concerned over the impact of inflation fears not withstanding Fed comments about tame inflation. The SPX sold off and the rallied into the close finishing up over five points for the day. On Thursday the Jobless Claims is expected to report a slight rise to 613K and GDP is expected to report flat at -5.7%. These Support Bounces on Wednesday either broke the high of the low day or confirmed a bullish harami pattern: GMCR, AMZN, CHL, MUR, RIMM, AMX, CLB, WAB, EBAY, TDG, PWR, CTSH, RCI Index Commentary The DJIA moved formed a black spinning top…three month chart target 10,340…volume was a below average 189 million shares…closed below its 20, 30, 50 and 200 DMA. The SPX formed an inverted hammer…closed just above its 50 and 200 DMA…3 month chart target of 1,075…closed below its 20 and 30 DMA. The Nasdaq formed an inverted hammer…3 month chart target of 2,065…closed above its 30, 50 and 200 DMA. The RUT formed an inverted hammer…closed above its 200 DMA….3 month chart target 606…closed below its 20, 30, and 50 DMA. At the Open on Wednesday SPY – doji above 50 DMA +0.86% QQQQ – white candle above 30 DMA +1.69% FUQI – bullish harami above 20 DMA +5.41% ESRX – bounce in bull flag above 20 DMA +3.44% DECK – spinning top above 20 DMA +0.49% AAPL – bullish harami above 30 DMA +1.65% NFLX – spinning top above 30 DMA +0.05% QCOM – morning star above 20 DMA +1.75% SHLD – spinning top above 30 DMA +1.40% MRVL – spinning top at 20 DMA +2.17% STT – white candle bounce at 20 DMA +3.79% ADBE – inverted hammer below 30 DMA +0.11% PCLN – bullish engulfing above 30 DMA +3.56% ICE – white candle support bounce above 30 DMA +5.00% JOYG – inverted hammer above 30 DMA +3.10% FLS – spinning top below 30 DMA +0.27% X – support bounce above 30 DMA +1.71% FAS – spinning top below 50 DMA +2.77% SPG – spinning top at 50 DMA +1.26% POT – spinning top higher low and higher high +1.46% AGU – spinning top higher low and higher high +0.74% GG – doji +2.87% Stocks to Watch on Thursday Leading Stocks Holding Above 30 DMA BIDU, VPRT, BAP, GR, K, DV, CPLA, SYNA, X, MCD, BDX, AAPL, GXDX, ORCL, DECK, CPLA, MYGN, DV, STRA, GILD, JW.A, ACN, APEI, PSYS, ESRX, NFLX, BYI, FAZ, JOYG, MHS, NTLS Moving Above 30 DMA = 8 BKC, CBST, HDB, ICE, PCLN, RBN, SLGN, USD Moving Below 30 DMA = 1 PPD Staying Below 30 DMA BLUD, JCOM, WRC, AFAM, AMZN, ATW, BAP, BIIB, FLS, GMCR, HLF, JEC, NIHD, SNHY, VAR, CHL, ESI, PCP, SWN, MUR, RIMM, SPWRA, AMX, ATW, BYI, CAM, CLB, GES, MOS, PWR, SLGN, CTSH, EBAY, FAS, MON, PCP, RCI, SNA, TDG, TRLG, URE, UYG, DLTR, EZPW, WAB, FSLR, WCG, WMT, DLB, JOSB, HANS, AMED, PETS, ALGT, GME, GPRO Intermediate Term Market Trend: Neutral Short Term Market Trend: Neutral