Euro, Interest Rates Pop, XLF Higher, SPY Cools After FOMC...

Four of nine sectors moved higher on Wednesday… XLF, XLE, and XLI were the strongest sectors.  FB was added to the NDX before the open on today replacing INFY.

Breadth weakened on Wednesday as decliners led advancers …1.09 to 1 on the NYSE and 1.52 to 1 on the NASDAQ…

SPY up 7 cents at 143.51...volume 145.8 million shares…

VIX +0.38 at 15.95…
TNX up 0.48 at 16.97…

TLT down -1.44 at 122.59…
XLF up 7 cents at 16.14…volume 55.7 million shares

AAPL down -2.38 at 539.00…volume 17.4 million shares …

FB down 40 cents at`27.58…on volume of 46.7 million shares…

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Technical Commentary:

The SPY formed a gap up black candle selling off after breaking the FOMC announcement.  The SPY stayed above horizontal support.  The VIX closed higher and did not confirm the SPY move up today.

The ES closed down 4.75 at 1,426.75…NQ futures closed down 16.25 at 2,670.50 as AAPL pulled back again.

Coal stocks ANR, ACI JRCC, BTU and CNX continued their recent upward thrust on Wednesday.

The weight of the evidence continues to suggest the three+ week up trend is likely to continue even though a flag pull back to a higher low is possible following a five day rally.

The Euro closed up 67 pips at 1.3072 on Wednesday staying above its 30 DMA.

TNX, interest rates jumped and TLT, bonds dropped -1.44.  XLF moved up 7 cents to 16.14.

SPY – gap up black candle, breakout target 145.47

AAPL – black candle, above support, below 30 DMA

FB – black candle, bull flag, BO target 29.63

FAS – gap up potential tombstone doji

AMZN – white spinning top, bull flag

EXPE – white candle, bull flag bounce continuation

STX – gap down spinning top, bull flag

VIAB – dark cloud cover, BO continuation

RIMM – large white candle, BO continuation

CRUS – spinning top, MACD histogram bullish divergence

F – spinning top, bull flag bounce pause

PHM – large white candle, breakout symmetrical triangle, close above 30 DMA

SWK – potential shooting star at resistance, bull flag at T1

SWI – black spinning top, bull flag bounce

RAX – doji, bull flag bounce continuation

URI – gap black candle, BO set up

YELP – doji, bull flag bounce continuation, above 30 DMA

XHB – white candle, DBO setup, at 30 DMA

XRT – black candle at 30 DMA

BO = breakout, DBO = diagonal breakout, CT = counter-trend, IT = intermediate term, ST = short term

The Market Forecast Green Line is pointed up in upper reversal zone.

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Chart Targets:

SPY = 145.47 S&R measurement
ES = 1,440, 1,451.25…short-term resistance

EUR/USD = 1.3126 short-term resistance

Short-term support at
1.2878 = Euro

140.69 = SPY

83.20 = SPXL
1,419, 1,396 = ES
2,626 = NQ

Moves:

Bounce:  CRM, AKAM, INFA, PCAR, SWK, PAY, ANR, ACI, JRCC, BTU, CNX, CMG, ADBE, WYNN, BIDU, MNST, GMCR, RIMM, SBUX

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36 of 100 NDX stocks closed higher on Wednesday…

Leading NDX 100 stocks included: RIMM, NFLX, MNST, WYNN, APOL, GMCR, PCAR, BIDU, SIRI, DLTR

Lagging NDX stocks included:  STX, SHLD, CTXS, GRMN, MRVL, SYMC, NTAP, BMC, EXPD, FB

Leading stocks > +2% on Wednesday included:  LDK, TSL, SINA, GRPN, SOHU, ANR, TBT, CSTR, DHR, ESI, A

Lagging stocks < -2.0% included: MCP, VMW, ANF

Stocks to Watch on Thursday…

Holding Above 30 DMA = 84
YHOO, MYL, ORLY, CERN, RIMM, XRAY, PCLN, SBUX, QCOM, HSIC, GILD, FB,  NTAP, CSCO, EXPE, GMCR, VMED, ATVI, EA, EXPD, LLTC, MXIM, PCAR, TXN,  XLNX, AMGN, BIIB, CELG, EBAY, LIFE, SIAL, AMZN, FISV, ADSK, AVGO, DELL, FFIV, MAT, MRVL, MU, ORCL, BRCM, SRCL, COST, MNST, ADBE, CMCSA, GOOG, GRMN, NWSA, SYMC, WYNN, AMAT, CTSH, PAYX, ADP, APOL, FOSL, INTU, KLAC, NFLX, VIAB, FLEX, NUAN, STX, AKAM, ALTR, BMC, CHKP, DTV, FAST, MCHP, SNDK, VOD, CTXS, ALXN, CHRW, LRCX, MDLZ, NVDA, BBBY, ESRX, EXPE, INTC, ISRG, SPLS

Moving Above 30 DMA = 1

SIRI

Moving Below 30 DMA = 1

WFM

Staying Below 30 DMA

PCLN, DLTR, AAPL, WCRX, LINTA, SHLD, GOLD, MSFT, BIDU, PRGO, VRSN, VRTX, CA, ROST

Fourteen Week Intermediate Term Market Trend: Neutral

Short Term Market Trend: Up