SHORT TERM: Cyclicals edge marginally higher, Techs retreat a bit.
The stock indices opened lower, as is the custom these days, and then rallied for all of about 15 minutes. The Tech leaders Google and Apple were lagging during the rally, and the NDX/NAZ then turned lower taking the general market with them. By 1:00 the market stabilized, and then rallied into the close. After being lower most of the day, the SPX/DOW/NYA all closed higher, and also had marginal new print highs for the uptrend. The NDX/NAZ regained most of their loses, but still ended about 0.5% lower on the day. Tomorrow is FED FOMC day! That usually means about two days of volatility regardless of their decision about short term rates. It should be quiet most of the day until 2:15. Technically, the SPX still appears to be in a small wave 3 of the third larger wave of this uptrend. Upon completion, it should pullback some in a larger fourth wave, and then rally to new highs for the final fifth wave to complete the uptrend. Today’s high print near 1378 puts the SPX only five points from our ongoing target of 1383. We may hit it tomorrow. Best to your trading!
MEDIUM TERM: bullish … most major indices uptrending
LONG TERM: bullish