Late Rally in SPX/SPY...FOMC Announcement 2 pm ET Wednesday...

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According to the CME Fed Watch Tool the probability for a ¼% cut by the Fed on Wednesday, dropped to 48.5% today from 62.3% on Monday, which fell from 92.3% last Tuesday Sep 10.  Notwithstanding, after trading in a tight range all day, SPX/SPY/QQQ/DIA rallied in the final 30 minutes as VIX falls. 

MU, WDC, SMH, QQQ, TXN, QCOM, AAPL bull flag bounced going into the close.  

What does late institutional trading tell you about their focus on the Tuesday, 2 pm ET rate decision?  Did they decide to wait or move ahead with some entries today?

The DJIA, closed up 33 points at 27,110 led by weakness in BA, MCD, AXP, PG and MSFT.  Closing above 27,000 for the fifth day in a row.

Nine of eleven sectors were higher on Tuesday, led by real estate XLRE +1.41% and utilities XLU +0.87%.

SPY up .76 at 300.92 on 42.9 million shares, 43% below average volume.  Up on lower volume.

VIX down .23 at 14.44

Oil down 3.25 at 58.63

TLT up .75 at 139.03 on 9.2 million shares.
GLD up .28 at 141.60

BA +1.41%, AXP +1.20%, led the DJIA, 15 advancers, +8

MSCI +4.41%, SEE +4.14% and BLL +3.88% led the SPX.

ULTA +3.73%, AAL +3.13%, ORLY +2.93% and SNPS +2.60% led the NDX.

Long term up trend intact.  3-day short term trend is sideways.

Up: QQQ, SPY, DIA,

Down: IWM,

Breadth weakened slightly on Tuesday, as advancers led 1,561 to 1,388 on the NYSE and decliners led 1,697 to 1,356 on the NASDAQ

The SPY MFC green line is in the upper zone pointed up at 92 and is short-term bullish. 

Uptrend sectors: XLRE, XLU, XLP, XLY, XLK, XLC, XLI, XLF, XLB,

Neutral sectors:  XLV,

Down trend sectors: XLE,

The 6-month intermediate trend is up.  The ten-day trend is up.

3-month Intermediate Term Market Trend: Up

3-day Short Term Market Trend: Sideways

67 of 100 NDX stocks closed higher on Tuesday.

76 NDX stocks are above their 30 DMA:  SBUX, CELG, KLAC, NTES, SYMC, PEP, EA, ATVI, BKNG, CHTR, COST, JBHT, CMCSA, QCOM, AAPL, MYL, SIRI, ASML, LRCX, MU, NVDA, ROST, WDC, DLTR, LBTYA, AMAT, AVGO, CSX, CTSH, CTXS, INTC, JD, NXPI, TXN, AAL, ADI, AMZN, EXPE, FAST, FB, GOOGL, LULU, MCHP, MXIM, NTAP, SWKS, TSLA, WBA, ADSK, CTRP, GILD, TMUS, UAL, BIDU, HAS, HSIC, KHC, MAR, WYNN, BIIB, CSCO, ILMN, ISRG, EBAY, WLTW, MNST, AMD, BMRN, MDLZ, MSFT, NFLX, ORLY, PAYX, PYPL, SNPS, TTWO, VRSK,

NDX Stocks to Watch on Wednesday:

Moving Above 30 DMA = 11

AMD, BMRN, MDLZ, MSFT, NFLX, ORLY, PAYX, PYPL, SNPS, TTWO, VRSK,

Moving Below 30 DMA = 1

ALGN, 

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