SPX Forms Shooting Star at 1,109.18...

DJIA - 10.88 -0.10% SP500 + 1.25 +0.11% COMPQ + 5.86 +0.27% Russell 2000 + 4.90 +0.81% Exchange NYSE NASD Advancing 1,969 1,586 Declining 1,068 1,141 Oil $72.66 +2.26 Gold $1,135.70 +13.20 - Jan contract SOX 344.86 +5.89 VIX 20.54 -0.95 The VIX moved down and did confirm the move up in the SPX on Wednesday. The SOX moved up and did confirm the move up in the COMPQ. Strongest Sectors: XLB +1.01…XLE+0.64...XLF+0.63% Weakest Sectors: XLV -0.51%...XLP -0.48%...XLU -0.44% Five of nine sectors moved higher on Wednesday. Materials, Energy, Financials, and Technology were stronger than the SPX +0.11%. Sector Watch Up Trending: XLK, XLB, XLY, XLV, XLP, XLE Horizontal Breakout: XLF, XLI, XLU Sideways: Down Trending: Key Resistance Levels: 1,105 - 1,113 = November High 1,119 = December High 1,025 - 1,133 = 1,075 BO chart target - Sep 08 Low Key Support Levels 1,101 = October High 1,087 = Nov 10 Channel low 1,082 = Nov 9 S1 level 1,075 = 875 Breakout Chart Target 1,061 = Sep 16 S1 level 1,056 = Sep 25 R1 level 1,044 = October Horizontal Old Resistance Guidance: The SPX reached 1,116.21 before pulling back to 1,109.18 after the FOMC announcement at 2:15 pm ET after they announced that rates were left unchanged. XLF was up modestly helping support the SPX. It did not rise enough to help the SPX break through resistance. The SPX continues to trade near resistance and we must continue to watch for a potential resistance breakout or a pull back to support. The SPX closed is still on Yellow Alert for short term traders. The next level of resistance on the SPX is the 1,125 -1,133 area. The SPX chart still has a 1,234 price target with by the end of January. Advancing issues led declining issues on both the NYSE and NASD. Tech stocks AAPL, RIMM, CREE GOOG, BIDU, PCLN and the SOX index were stronger on Wednesday while AMZN and QCOM moved lower. The SOX reached a new 52-week high. Continue to focus on and trade setups on the charts of the stocks you watch and follow your rules. AAPL +0.86 QCOM -0.19 GOOG +4.62 BIDU +2.26 NDX 100 stocks stronger than the NDX include: NVDA, STX, BRCM, MRVL, ADBE, XLNX, MXIM, HANS, NWSA, LLTC, CERN, VRTX, CTXS, INFY, EBAY, ERTS, AKAM, CTSH, BIIB, ALTR, EXPE, PCLN, EXPD, DELL, LBTYA, CHKP, LOGI, IACI, GRMN, VRSN, MCHP, ATVI, FAST, RIMM, KLAC, SPLS, SHLD, HSIC and RIMM. Check out these Charts: CTSH, PCLN, CLB, SWN Stocks to Watch on Thursday Leading Stocks Holding Above 30 DMA JW.A, AMZN, SLGN, DLB, WCG, ALGT, BDX, ACN, TSL, AFAM, GR, SNHY, SYNA, CGA, HDB, MELI, PCLN, PCP, MON, MOS, TDG, X, IPI, BIIB, NTLS, PETS, NIHD, VPRT, URE, BLUD, GES, GPRO, USD, BAP, BKC, CBST, SNA, FSLR, CPLA, MYGN, RIMM, AMED, CLB, DV, ORCL, ICE, SLGN, ESI, GXDX, HANS, HLF, PPD, SWN, PSYS, FAZ Moving Above 30 DMA = 1 MCD Moving Below 30 DMA = 7 AMX, ESRX, K, MHS, VAR, JOYG, WMT Staying Below 30 DMA BIDU, DECK, GILD, WAB, UYG, DLTR, CTSH, RCI, BYI, JCOM, EBAY, FAS, NFLX, JOSB, PWRD, AAPL, GME, CHL, FLS, RBN, ATW, CAM, JEC, TRLG, FUQI Intermediate Term Market Trend: Up Short Term Market Trend: Neutral