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Today’s Trading Plan: It’s Okay
Thursday, September 22, 2016 6:44
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(Before It's News)
SPX (SPX) rallied big yesterday as a result of the Federal Reserve deciding to hold off on any interest rate hike until after the election.
Bank of Japan had minimal effect, but it was thew Fed’s “we should hike, but won’t” policy comments that really goosed the market.
SPX rallied to near the 50-day moving average, but failed to break through or even test it at this point. This morning, it is looking at a gap above it.
Resistance had been in the area of 2155 to 2170. That area should be eclipsed this morning.
At this point, the market is bent on re-testing the all-time highs, if not going right past them. The Nasdaq actually established new all-time highs yesterday.
20-day moving average was also tested yesterday, and SPX broke through it.
Oil (CL/F) continues to rally strong over the course of the last two days and looks to do the same again today.
SPDRs S&P 500 (SPY) saw its volume increase as well as trade above recent averages.
Most impressive yesterday was the absolute meltdown in the VIX taking it down 16.5% to 13.3. A massive change from where it was just a couple of weeks ago.
T2108 (% of stocks trading above their 40-day moving average) saw a large bump higher – rising 39% to 45.54.
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