CPI number was pretty much as expected and equities opened higher. The major indices continued to march slowly higher, but investors were waiting for the FOMC announcement at 2PM. As expected, the FED raised rates a quarter point and their language remained consistent with what we have seen the last few months. Still looking for possible 3 more rate hikes next year. The DJIA and SPX moved to new intra-day highs, before pulling back before the close. The DJIA managed to close positive at a new high, however, the SPX closed slightly lower on the day. The NDX closed slightly positive. At the close, the DJIA added 0.33%, the SPX slipped 1.2 points, and the NDX inched up 11 points. Breadth was slightly positive, 1.3 to 1, on below average volume. ROC(10)’s declined for the DJIA and SPX, however, they remained in positive territory. The NDX advanced, crossing back into positive territory. RSI’s were mixed, with the DJIA and NDX inching higher and the SPX slipping a bit. The DJIA ended at 79.0, the strongest, the NDX at 60.4 and the SPX at 73.8. The DJIA and SPX remain with their MACD above signal, while the NDX remains below. The ARMS index ended at 1.32, indicating the weakness near the close. The DJIA closed at 24585, the fourth record high in as many sessions. The DJIA traded as high as 24666, a new intra-day high. The upper Bollinger Band sits at 24762. It remains comfortably above its 20D-SMA of 23934. The NDX closed at 6394, and traded as high as 6416. It continues to regain the ground it lost and nears its closing record high of 6422. It closed above its 20D-SMA of 6344. The SPX closed slightly lower at 2662, but hit an intra-day record high of 2671. Its 20D-SMA is at 2621. The VIX finished at 10.18, up 2.6%. Near term support for the NDX is at 6375 and 6344. Near term resistance is at 6400 and 6422. Near term support for the SPX is at 2650 and 2625. Near term resistance is at 2664 and 2671. Europe is lower in early trade. US Futures are slightly higher pre-market.
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