Wednesday was a narrow
trading range day until the FOMC announcement
at 12:30 pm ET when volatility expanded
and the SPX dropped 7 points and
then rebounded and rose 14 points and
once again pulled back 14 points before
closing with a 2.29
point loss.
Two of nine sectors moved higher on Wednesday. XLF, XLK, and
XLY were the strongest sectors.
Breadth
weakened as
advancers led decliners 1.01 to 1 on
the NYSE and decliners led advancers 1.24
to 1 on the NASDAQ.
Exchange NYSE
NASDAQ
Advancers 1,506 1,096
Decliners 1,493 1,361
SPY moved down 22 cents on 206.4 million shares closing above its 30 DMA for the fifth
straight day. The SPX lost -2.29 at 1,355.69.
Next potential price targets are 1,377 and
1,403 from its breakout from its May 29 high.
The
Market Forecast green line is pointed up.
AAPL
was down 1.67 at 585.74 on 12.8 million shares...
FB
lost 31 cents at 31.60 on volume of 15.6 million shares...
GRPN
-0.26, -2.38%…
C
Pattern Continuation: FAS, DKS, V, TSLA, AKAM, MSFT, SBUX, CMG, ISRG, VMI, PIR, A, CTXS, SWKS,
AVGO, AAPL, CSTR, INTU, SIAL, SRCL, FISV, DHR, SHLD, FMC
C
Pattern Pullback: DXPE, SWI, ORLY, HIBB, ODFL,
C
Pattern Reversal:
C
Pattern Entry: SAVE
C
Pattern Setup: QCOM, GOOG, VMW, ZAGG, CRM
Breakout: JDSU, C
Breakout
Continuation: PNRA, CRUS, URE, AVGO, CSTR, QQQ, PNRA, COST, VRSN, ROST, DLTR,
WFM, MCHP, SPY, DIA, ICE, FAS, NFLX, GOLD, EXPD, ALXN, IWM,
Breakout
Setup: MCP, F, VMED, VECO, ALTR, INFA, AAPL, VECO, LVS
Bounce:
MCP, TFM, RVBD, BIDU, CROX
Daily/Weekly
Bull Flags: MNST, SOHU
MACD
Histogram Bullish Divergence Confirmed: TPX, MRVL
Technical Commentary:
The
Euro continued to rise against a falling dollar rising interest rates TNX,
XLF. Bonds TLT rose
62 cents. The VIX fell as fear is out of the market
for now. Breakout price target on
XLF is 14.80 and SPY 136.64.
Tuesday Highlights:
SPY
closes down 22 cents
The
Euro moved up 23 pips, closed at 1.2706
TNX
+0.22
VIX
fell -1.14 at 17.24
XLF
closed +3 cents at 14.53
48 of 100 NDX stocks closed higher on Wednesday…
Leading NDX 100stocks included CHKP, DTV, AMAT, VRTX, LINTA,
FOSL, CSCO, ORCL, FLEX, AVGO
Lagging NDX stocks included CERN, RIMM, BIDU, ADBE, NFLX, HSIC, DLTR,
FSLR, GRMN, MXIM
Leading stocks > +2% on Wednesday included MCP, PCX, LDK,
TSLA, TSL, UAL, JDSU, ATI, ANR, AKS, RCL
Losing stocks < -2.0% included UCO, SOHU, SLB, GRPN
Stocks to Watch on Thursday
Holding
Above 30 DMA = 41
TLT,
CRUS, SWKS, CIEN, ICE, CDE, GES, CSTR, HUM, BAC, DLR, C, FCX, GLW, HLF, NTES, URE, A, FAS, IBM, LNKD, MOS, RCL, RVBD, SLB, SMH,
SWI, TSL, TSLA, V, CMG, IFNA, JDSU, SINA, STI, CHL, CLF, DE, DHR, F, UAL
Moving Above 30 DMA = 3
GS, VECO, MCP
Moving Below 30 DMA = 1
GRPN
Staying
Below 30 DMA
FAZ, DECK, NKE, ZAGG, CRM, LDK, CREE, WDC, ANF, ATI, VMW, ESI, TIF, UCO, AKS, ANR, JNPR,
X, SOHU, CROX, LVS, PCX, SWK, TPX, ZION,
TBT, COH
Five
Week Intermediate Term Market Trend:
Neutral
Short Term
Market Trend: Up
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