Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22
Best Metaverse Tech Stocks Investing for 2022 and Beyond - 14th Jan 22
Gold Price Lagging Inflation - 14th Jan 22
Get Your Startup Idea Up And Running With These 7 Tips - 14th Jan 22
What Happens When Your Flight Gets Cancelled in the UK? - 14th Jan 22
How to Profit from 2022’s Biggest Trend Reversal - 11th Jan 22
Stock Market Sentiment Speaks: Are We Ready To Drop To 4400SPX? - 11th Jan 22
What's the Role of an Affiliate Marketer? - 11th Jan 22
Essential Things To Know Before You Set Up A Limited Liability Company - 11th Jan 22
Fiscal and Monetary Cliffs Have Arrived - 10th Jan 22
The Meteoric Rise of Investing in Trading Cards - 10th Jan 22
IBM The REAL Quantum Metaverse STOCK! - 9th Jan 22
WARNING Failing NVME2 M2 SSD Drives Can Prevent Systems From Booting - Corsair MP600 - 9th Jan 22
The Fed’s inflated cake and a ‘quant’ of history - 9th Jan 22
NVME M2 SSD FAILURE WARNING Signs - Corsair MP600 1tb Drive - 9th Jan 22
Meadowhall Sheffield Christmas Lights 2021 Shopping - Before the Switch on - 9th Jan 22
How Does Insurance Work In Europe? Find Out Here - 9th Jan 22
Effect of Deflation On The Gold Price - 7th Jan 22
Stock Market 2022 Requires Different Strategies For Traders/Investors - 7th Jan 22
Old Man Winter Will Stimulate Natural Gas and Heating Oil Demand - 7th Jan 22
Is The Lazy Stock Market Bull Strategy Worth Considering? - 7th Jan 22
What Elliott Waves Show for Asia Pacific Stock and Financial Markets 2022 - 6th Jan 2022
Why You Should Register Your Company - 6th Jan 2022
4 Ways to Invest in Silver for 2022 - 6th Jan 2022
UNITY (U) - Metaverse Stock Analysis Investing for 2022 and Beyond - 5th Jan 2022
Stock Market Staving Off Risk-Off - 5th Jan 2022
Gold and Silver Still Hungover After New Year’s Eve - 5th Jan 2022
S&P 500 In an Uncharted Territory, But Is Sky the Limit? - 5th Jan 2022

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Stock Market Post FOMC Interest Rate Decision Rally

Stock-Markets / Stock Index Trading Jan 28, 2010 - 12:19 AM GMT

By: Harry_Boxer


The stock market indices had an interesting and volatile session, but at the end of the day after the FOMC announced they managed to stage a sharp 3 wave rally and closed near the highs for the day. Only a last 10-minute profit-taking pullback brought them off the highs for the day. But it was a positive day for the indices, particularly because key support held, especially on the Nasdaq 100.

The day started out with a move up and very sharp selloff that took out the support lows on the S&P 500 but not so on the NDX. That resulted in a bounce that faded and rolled over again, making new lows for the session and by 1 point taking out the NDX lows as well, but only nominally so. They then firmed into the FOMC announcement, bounced around wildly for a few minutes after that and then took off. With an hour to go they backed off sharply but held support, and then came on again into the close to post new session highs, before the late pullback.

Net on the day the Dow was up 41.87 at 10236.16, the S&P 500 up 5.33 at 1097.50, and the Nasdaq 100 up 15.04 to 1818.90. The Philadelphia Semiconductor Index (SOXX) closed up more than 1 percent, up 3.93 at 337.45.

Advance-declines were just about dead-even flat on New York and nearly 3 to 2 positive on Nasdaq. Up/down volume was 7 to 5 positive on New York on total volume of just under 1.3 billion. Nasdaq traded over 2.4 billion and had almost a 2 to 1 positive volume ratio.

So, as a result of the late rally, many stocks did manage to get back into the plus column. board, however, had only one point-plus gainer and one point-plus loser. The Direxion Financial Bull 3x Shares (FAS) gained 4.25 to 72.16, while the Direxion Financial Bear 3x Shares (FAZ) gave back 1.28 at 19.18.

Among the large fractional gainers, Revlon (REV) was up 61 cents to 15.54, Human Genome Sciences (HGSI) 70 cents to 18.22, and A-Power Energy (APWR) up 67 cents to 12.58, along with the Direxion Large Cap Bull 3X Shares (BGU) up 67 cents to 50.13.

On the downside, Canadian Solar (CSIQ) lost 66 cents to 22.38, China Agritech (CAGC) 38 cents to 27.80, and SmartHeat (HEAT) 42 cents to 12.85 in a continuingly weak Chinese sector. Stepping back and reviewing the hourly chart patterns, they were choppy in the morning, dipped to session lows by mid-day, and rallied strongly in the afternoon, accelerating especially after the FOMC announced.

So it was a strong close, but key overhead resistance at the 1825 NDX level and the 1103-05 SPX level are still containing prices, and we may soon see whether the past 3 days price action turns out to be a basing period or a consolidation zone along the way to lower levels.

Good trading!


For more of Harry Boxer, sign up for a FREE 15-Day Trial to his Real-Time Technical Trading Diary. Or sign up for a Free 30-Day Trial to his Top Charts of the Week service.

(c) 2009 AdviceTrade, Inc. All rights reserved. Distributed only by written permission of AdviceTrade and The Technical Trader at . In using any portion of Harry Boxer's content, you agree to the terms and conditions governing the use of the service as described in our disclaimer at

Mr. Boxer's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Boxer's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions.

Harry Boxer Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in