SPY, XLE, XLK, XLP, XLU, New All-time High Close...Following FOMC Announcement...

All nine sectors moved higher on Wednesday…XLU, XLP and XLB were the strongest sectors…XLK was the weakest. 

Sector Posture – all sectors are positive 

Positive trend: XLB, XLE, XLF, XLI, XLK, XLP, XLV, XLY, XLU

Neutral trend near resistance:

Neutral trend near support:

Breadth strengthened…as advancers led decliners 2.77 to 1 on the NYSE and 1.74 to 1 on the NASDAQ.

Wednesday – strengthened, advancers led

Tuesday – strengthened, advancers led

Monday – mixed, advancers led

Friday – strengthened, advancers led

Thursday – mixed, decliners led

SPY up 1.42 at 196.25 on 105.1 million shares, above average volume

VIX down 1.45 at 10.61…

TNX down .42 at 26.13…

TLT up .86 at 112.40...

XLF up .13 at 22.86 on 30.9 million shares

AAPL up .10 at 92.18 on 33.4 million shares

FB up 1.20 at 65.60…on 35.4 million shares

Technical Commentary:

SPY + 0.73%, IWM +0.68%, QQQ + 0.56%, DIA +0.55%.

Stocks were on hold this morning until 2 pm ET when the FOMC announcement occurred.  No surprises as price change volatility send prices lower then higher then lower as the announcement occurred and then finally price roared higher with SPY, XLE, XLK, XLP and XLU making a new all-time high close.  The VIX closed at a seven-year low and its lowest level of the current bull market.

FB which has been languishing in bull flag found buyers and bounced.  AAPL recovered from its daily low and is set up for a potential flag entry on Thursday. 

LNKD which has been in a downtrend for months until seven weeks ago gave a bull flag entry and is at horizontal resistance poised to break out.

ADBE +5.54, +8.20% positive reaction after releasing EPS after the close on Tuesday.

FDX +8.64, +6.16% positive reaction after releasing EPS Wednesday morning.

Trade with the trend of the chart you are trading and continue to move your protective stops.  Continue to follow your rules.

Short-term up trend Chart Targets:

SPY = 196.05, 197.87, 198.99 …

QQQ = 93.02, 94.31, 94.89…

IWM = 117.48, 118.48, 120.30…

Support Levels

SPY = 193.11, 191.96, 190.88…

QQQ = 91.73, 90.44…

IWM = 114.66, 113.62…

Q1 Earnings Reactions

Positive Reactions – ADBE, FDX, CIEN, BIG, PANW, GLNG, QIHU, AAPL, ADSK, AET, ALL, ALXN, AMAT, ANGI, ANR, APA, ATVI, BA, BHI, BIDU, BTU, BWLD, BX, C, CHRW, CNX, COG, CTRP, CTRX, CTXS,  DAL, DAVE, DDS, DECK, DHI, DNB, DO, DTV, DV, EA, ENR, ETFC, FCX, FISV, FNMA, FOXA, GE, GILD, GMCR, GME, GOGO, GRMN, HAL, HAS, HOG, HPQ, HUM, IBKR, INTC, JCP, JNJ, KO, LPNT, LRCX, LVLT, MA, MAR, MGM, MNST, MRK, MS, NOK, NTAP,NXPI, PBI, PCLN, POT, PRU, RF, S, SCHW, SCTY, SNDK, SPWR, STI, SWK, SWKS, TKR, TMUS, TPX, TRIP, TRV, TSL, TSO, TWX, UNP, URI, UTHR, VRSK, WFC, WLP, WYNN, XRX, YELP, YHOO, Z

Negative Reactions – KKD, SPLK, ACI, ADM,  AEIS, AIG, AKAM, AKS, ALTR, AMGN, AMZN, ARWR, ATI, BAC, BBRY, BIIB, BMY, BRCM, CAR, CBOE, CELG, CHKP, CLF, CLX, COF, CREE, CTSH, DDD, DIS, DISCA, DISH, DKS, DVA, EBAY, ESI, ESRX, EXPE, F, FAST, FEYE, FFIV, FXCM, GOOG, GRPN, IBM, JAZZ, JCI, JDSU, JPM, K,  KLAC, KMB, KRFT, LLTC, LLY, LNKD, LVS, LXK, MCP, MMM, MOS, MTW, MU, MXIM, NKE,NSC, NUE, NVDA, P, PCAR, PFE, PG, PNRA, PRGO, QCOM, REGN, SAVE, SEE, SFUN, SIRI, SOHU, SPLS, SSYS, STLD, STT, STX, SUNE, SWI, T, TJX, TSLA, TSN, TWTR, UA, UBNT, UNH, UPS, V, VECO, VIAB, VMW, VRTX, VZ, WDC, WFM, XLNX, YNDX, YY, ZION, ZNGA,

Reversal in progress – AEIS, AMGN, BRCM, CHKP, CTSH, EXPE, FEYE, GRPN, KLAC, KMB, LLTC, LXK, MOS, NUE, PCAR, STLD, WDC, ZION

Reversal of Initial Reaction – ADM, AIG, AKAM, AKS, ARWR, ATI, BAC, BMY, BRCM, CAR, CELG, COF, DDD, DIS, DISCA, DVA, ESRX, F, FFIV, IBM, JCI, K, KRFT, LLY, LNKD, LVS, MMM, MU, NKE, NSC, NUE, NVDA, PG, PRGO, QCOM, SAVE, SIRI, SOHU, STX, SUNE, T, UPS, VIAB, VMW, VZ, YNDX, YY, ANR, BTU, COG, YHOO

The SPY Market Forecast green line is rising in the upper zone at 85.

____________________

Setups

Horizontal Breakout: QQQ, DIA, SPLK, AIG, ATI, FAS, GOGO, P, SCSS, SOHU, STI, ANR, MAR, MNST, MSFT, SBUX, STX, TRIP,

Diagonal Breakout: V, GILD, GOOG,

Bull Flag:  CSCO, DD, GE, UTX, ANGI, CIEN, JD, RAX, TPX, YNDX, ZION, AAPL, CELG, ILMN, CNX, AVGO, UNG, WFM,

Potential Bullish Divergence:  

Gap Up:  

Gap Down:

Bear Flag: EBAY,

At Support:       

C- Pattern:

Moves

New Highs: SPY, CTRP, MS, NTES, ADSK, AKAM, CTXS, EXPE, GMCR, GRMN, MAR, SCTY, SPWR, SUNE, UBNT, NFLX, STX, TRIP, WDC,

H Breakout: IWM, SPY, BBRY, FSLR, DXM, JCP, NTES, VRSN, X, YELP, GRMN,

Diagonal Breakout: C,

Bull Flag Bounce: QQQ, DIA, LNKD, RCL, AMZN, NTAP, FB, UNH, BHI, BX, CL, AXP, JNJ, MMM, MRK, XLB, XLI, XLK, XLV, SCSS, CMCSA, P, COST,

Gap Up:  ADBE, FDX,

Gap Down: ESRX,

Breakout Test: SCHW, CRM, CSIQ, ETFC, GME, GTAT, JASO, SSYS, SUNE, XONE, TSLA,

Bounce: GOOG, PCLN,

MACD Divergence Bounce: IBM,

Bear Flag:    

Support Break:

C- Pattern:

      

______________________

86 of 100 NDX stocks closed higher on Wednesday.

Leading NDX 100 stocks included: ADBE, ADSK, EXPE, AMZN, SIR, NTAP, CHRW, GOOG, VOD, FB,  

Lagging NDX stocks included: ESRX, TSLA, VRTX, ADI, FFIV, SNDK, BIDU, MXIM, TXN, VRSK

Leading stocks > +2% on Wednesday included: SFUN, SCTY, YELP, X, LNKD, RCL, WLT, YOKU, SPLK, ANR, BBRY

Lagging stocks < -2.0% included: ANGI,

Stocks to Watch on Thursday

Holding Above 30 DMA= 76

MAR, CHRW, SIAL, MU, SNDK, CHTR, AAPL, CTXS, ADP, CELG, EQIX, NCPI, AVGO, ATVI, KRFT, FOXA, CMGR, CTRX, ILMN, ADSK, NFLX, CSCO, ADBE, AMAT, HSIC, INTU, MSFT, MXIM, BIDU, CMCSA, FFIV, TRIP, BRCM GOOG,  SIRI, AKAM, AMGN, BIIB, EXPE, FB, LLTC, SBUX, VIAB, ALTR, CERN, DISCA, DLTR, NTAP, REGN, TSLA, TXN, ADI, AMZN, GRMN, KLAC, NVDA, INTC, MYL, STX, VIP,  WDC, COST, ORLY, SRCL, FAST, ISRG, LMCA, CHKP, WFM, MNST, XLNX, PAYX, PCAR, SYMC, CA, CTSH

Moving Above 30 DMA = 8

BBBY, DISH, DTV, LINTA, MAT, PCLN, ROST, YHOO   

                                    

Moving Below 30 DMA = 1

ESRX                                                                  

Staying Below 30 DMA

ALXN, VRSK, EXPD, MDLZ, TSCO, VRTX, SBAC, GILD, LBTYA, FISV, QCOM, WYNN, SPLS, VOD, EBAY

Sixteen Week Intermediate Term Market Trend: Up

3-Day Short Term Market Trend: Up