SPX, NDX Continue Rally, Financials Jump Ahead of FOMC Announcement...Oil Rallies XLE Leads...INTC, AMGN, GILD Lead NDX

All nine sectors moved higher on Tuesday…XLE, XLF and XLV were the strongest sectors while XLI was the weakest sector. 

Breadth strengthened as advancers led decliners 3.57 to 1 on the NYSE and 2.30 to 1 on the NASDAQ.

Tuesday – strengthened, advancers led

Monday – strengthened, decliners led

Friday – weakened, decliners led

Thursday – mixed, mixed

Wednesday – mixed, decliners led

SPY up 2.13 at 205.03 on 152.4 million shares

VIX down 1.78 at 20.95…

TNX up .43 at 22.68…

TLT down .72 at 121.44…on 8.8 million shares

XLF up .55 at 24.05…on 75.4 million shares

AAPL down 1.99 at 110.49 on 53.1 million shares

FB down .11 at 104.55 on 21.7 million shares

Technical Commentary:

IWM +1.44%, SPY +1.05%, DIA +0.90%, QQQ +0.61%.

                   (click image to enlarge)

Oil rose 47 cents to close at 36.74 driving XLE as the leading sector.  Leading energy stocks included ESV, RIG, HP, CPGX, FTI, DO, XOM, APA, CVX, HES, OKE and MRO.

S&P futures rose over night and the SPX +21.47, +1.06%, opened higher and rose for the second straight day.  VIX gapped lower and confirmed the SPX move on Tuesday.

SPY +1.05% gapped higher and formed a white candle that confirmed Monday’s bullish harami.  SPY leaders included MNK, ENDP, AAP, EXPE, RF, CMA, ETFC, COH, EA, CTXS, MU and PYPL.

The NDX was led by gains in INTC, AMGN, GILD, QCOM, CSCO, BIIB, REGN, TXN, BIDU, ILMN, PCLN, MDLZ and CELG.

Chart Formations:

INTC – horizontal breakout setup

AMGN – gap up, horizontal breakout setup

GILD – gap up, MACD histogram divergence bounce

QCOM ­­– MACD histogram divergence bounce

CSCO – MACD histogram divergence bounce

BIIB – horizontal breakout setup

REGN – horizontal breakout setup

TXN – gap up

ILMN – horizontal breakout setup

BIDU – diagonal breakout

PCLN – horizontal breakout

MDLZ – gap up, horizontal breakout setup

CELG – horizontal breakout setup

30 DMA Breakout Setups – AAL, ADP, ADSK, AMZN, BIDU, BMRN, CSCO, EBAY, FAST, FB, GRMN, HSIC, INTU, KHC, LLTC, MDLZ, PAYX, REGN, SIRI, STX, TSLA, VIP, WBA, WDC, XLNX, YHOO

The FOMC meeting started today with the announcement tomorrow afternoon at 2 pm ET to raise or not raise.  

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

The SPX MFC green line is flattening at 26 

Short-term Chart Targets:

SPY =...207.43…

QQQ = 113.47…

IWM = 113.60…

                   

Support Levels

SPY = 202.87

QQQ = 111.68

IWM = 111.60

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Setups

Horizontal Breakout: ALXN, CTXS, ILMN, INTC, LRCX, MYL, PYPL, TRIP, FSLR, JASO, NTES, SEDG, SONC, SUNE, TSL, ULTA,

Diagonal Breakout: FB, AA, AMBA, RCL,

Bull Flag: ADSK, AMAT, AMZN, AVGO, DLTR, AMGN, MSFT, NFLX, NXPI, TSLA, WFM, PLAY

Potential Bullish Divergence: MU

At Support: YHOO

Moves

New Highs: ADBE, ISRG, MAT, CSIQ,

H Breakout: PCLN, CCL, CSIQ, EXPE, RUN,

D Breakout: BIDU, ETFC, SCHW,

Bull Flag Bounce: ATVI, INTC, JD, LRCX, MNST, NVDA, PCLN, WYNN, XLNX, BABA, DAL, SONC, VRSN,

MACD Divergence Bounce: REGN,

Bounce: GRMN, PYPL, BAC, C,

Gap Up: SPY, QQQ, SVXY, ADBE, AMGN, ATVI, TXN, FAS, KWEB, PANW, SEDG, STI, V

Gap Down: VXX

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81 of 100 NDX stocks closed higher on Tuesday.

42 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 13

AMGN, BIIB, CELG, CTXS, EA, ESRX, INCY, NXPI, PCLN, PYPL, SYMC, TXN, WYNN, 

Moving Below 30 DMA = 1

NFLX

6-month Intermediate Term Market Trend: Neutral

3-day Short Term Market Trend: Down