Stock Market-Melt up in Bear Market

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SPY This rally pre FED meeting was completely in line with the expectations I wrote about on Monday evening. Question now is how much more? After all, looking at the big picture, this is still a low volume (Accumulation day in volume today -now 3 total) bounce in a bear market with only the QQQ now looking at an unconfirmed phase change to recovery. It is typical to see melt ups like we saw today in bear markets. Had a target of 120.34 which was surpassed before late sell off from highs. 120.94 last week's high. 117 support to hold.

DIA  Took out R1, filled the gap. Still in the trading range from early August and in bear phase.

QQQ Now second accumulation day in volume this week although still below daily average. Closed marginally above the negatively sloped 50 DMA which makes this an unconfirmed and relatively weak recovery phase. Did not close above the 50 weekly moving average at 55.50. And, reached the top of the trading range established in early August. Not quite overbought so could see more upside, but at this point do not see that as a high percentage long from here.

IWM (Comment from last night still stands) A trading range has been established between 64.50 and 74.00. The really patient could wait for the range to break before establishing any longer term position.

ETFs:

GLD Tried all day to break down but held on to prior day's lows. Would not look to short if breaks down but rather, see where if finally finds support. Won't fight the phase.

SLV Bull phase would not change to warning unless it closes under the 50 DMA at 38.95 and with positive slope on 50 DMA, that would still be considered a weak warning phase.

SMH Target 30.65 reached. Could see 32.00. Now, needs to hold 29.70.

IYT Closed above the gap at 82.75. Support at 80.70 and next resistance should gap fill hold at top of range 86.00.

XRT Touched the 50 daily moving average at 50.12.  Must now hold 48.50.

XLE XLF, good runs in sympathy but still below fast moving averages.

TLT Held fast moving average with today's low 111.82.

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