Tides of March and FOMC Lift Stocks on Rising Volume...QQQ New All-time Closing High...

Setups to Watch for Thursday

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Technical Commentary

The FOMC as expected raised the fed funds rate ¼%.

Stocks indexes gapped higher from overnight futures trading.  After a brief pullback stocks continued higher.  Once the FOMC announcement at 2 pm ET was complete, stocks accelerated higher on above average volume.  Big money demanding stocks after there were no negative surprised.

The intermediate and long-term trends are still up.

IWM 1.55%, SPY +0.87%, QQQ +0.62%, DIA +0.50%,

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QQQ = HBO on day 4 of bull flag bounce, new all-time closing high

SPY = Re-bounce on day 4, highest close in 10 days, 2^nd highest all-time closing high

IWM = Gap up and support bounce after 9-day pullback

DIA = Bull Flag bounce on day 10

Up Trend: XLF, XLI, XLY, XLK, XLP, XLU, XLV

Sideways: XLB, XLRE

Down Trend: XLE

Breadth strengthened as advancers led 2,653 to 407 on the NYSE and led 1,989 to 883 on the NASDAQ.

Wednesday – strengthened, advancers led, +9 sectors

Tuesday – weakened, decliners led, +0

Monday – steady, advancers led, +8

Friday – strengthened, advancers led, +7

Thursday – strengthened slightly, decliners led, +4

SPY up 2.05 at 238.95 on 96.0 million shares, 29% above average volume,

VIX down .67 at 11.63

TLT up 1.43 at 118.50…on 14.6 million shares 63% above average volume

Oil futures were up .46 to close at 48.96 on Wednesday.

The SPY MFC green line is pointed up in the upper zone at 80, bullish.

6-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Up

SPX and NDX Highlights

SPX up 20 points at 2,385.

SPX  gainers SWN, NEM, FCX, HOG, RIG, NUE, HES, CHK, PNR, NOV, FLS, APC, A, HAL, URI, HST, MUR, OXY, ESS, MPC, ETN, REG, KMI, DOV, SLG, IVZ, FSLR, ADSK, MAC, TSO, AIV, AES, UDR, AA, AVB, OKE, KIM, DVN

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QQQ closes up .81 at 132.10.

   

NDX point leaders: AAPL, MSFT, AMGN, CELG, CMCSA, TMUS, MDLZ, FB, NFLX, GILD, KHC, REGN, GOOGL, TXN and AMAT

87 of 100 NDX stocks closed higher on Wednesday.

80 NDX stocks are above their 30 DMA.

NDX Stocks to Watch on Thursday:

Moving Above 30 DMA = 10

CHKP, CMCSA, LBTYA, MAR, MAT, MDLZ, PCAR, ROST, TMUS, WDC

Moving Below 30 DMA = 0

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Strong Stocks: Setups and Moves You Can Use

Bull Flag Setups include: XLF,

BA, MCD, JPM, AXP,

AVGO, NXPI, NTAP, MYL, NTES, INTU, BIIB,

GM, SQ, BAC, HBAN, USB, MS, C,

One Day Pullback:

Bull Flag Bounces include: SPY, DIA, FAS, UTX, PAYX, MAR, MNST, VIAB, SODA, GD, UNH, DD, (12)

Horizontal Breakout Setups include: CC, XLP, ADSK, DIS, MGM, GDXJ, X, MT, VALE, STLD, PAYX, MAR, MNST, VIAB, SODA, MMM, DD, ADI, PG, UPS, ROST, FLEX, AMD, TSLA, YHOO, RCL, JD, WUBA, BABA, SCHW, HIG, WFC, NRG CCL, NCLH, AMZN, NVDA, QCOM, CTRP, CL, SRCL, PANW, TSCO, ETFC, NKE, WDC, WB, AMBA, CHK, CLF, BHI, COST, DE, NUE, TMUS, CAT, HAL, PCAR, HES,

Horizontal Breakouts include: QQQ, XLK, UNH, MMM, MU, SHOP, CELG, LOW, STLD, VALE, IWM,

New Highs include: SOXL, AMAT, LRCX, HOLX, EA, TXN, GOOGL, KLAC, ATVI, FB, SYMC, CLX, INCY, ULTA, ADBE, SWKS, MXIM, WIX, PCLN,

At Support Setups include: GS, ZION, STI, RF, ALK, PYPL, CSX, EBAY, IBM, INTC, STX, LNG,

Support Bounce: IWM, GDXJ, PCAR, IYR, NUE, TMUS, CAT, HES, HAL, TLT, AA, PANW, GLW, LUV, AAL, DAL, UAL,

Break of Support: CF,

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