Markets advanced for the second straight session and the S&P 500 almost achieved back to back 1% gains. The Nasdaq rose .6%. The S&P 500 has run right into the 2000 number where many are thinking heavy overhead resistance lies. Is it too obvious with the index running 2% the last couple sessions before what people are calling the most important Fed meeting in years (meeting began today, announcement Thursday)? The Nasdaq is running dead into its own resistance at its own 200 day SMA at 1917 and notice its 50 day SMA is quickly approaching that line with a potential death cross in the making. Sectors in the news today were energy which was the best performing with inventories coming out today and the disclosure of US troops on the ground in Syria. Perhaps we a re beginning to see a Middle East premium creep back into the price. If you are going to venture into names in the group as always go with best of breed names. EOG certainly pops to mind and below is the chart how we presented it in our Thursday 9/10 Game Plan. The round 80 number came into play with a bullish ascending triangle formation. We suggested a purchase at the bottom line of support in the triangle at 76. A clear move above 80 sets this on a path toward a downward sloping 200 day SMA near 88.
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