Tuesday's weak stock market bias plays out post Fed

The S&P 500 ($SPX) loss of 35.33 points, or 2.94%, and closed at 1,166.76. The top percentage performers in the index were Hewlett Packard (HPQ) (+6.72%), Range Res. Corp. (RRC) (+4.73%), Oracle (ORCL) (+4.20%), and General Mills (GIS) (+2.53%). None of the S&P's industry groups managed a gain. The top individual decliners were Alpha Natural Resources (ANR) (-17.16%), Cliffs Natural Resources (CLF) (-12.82%), Morgan Stanley (MS) (-8.60%), and Leucadia Natl. Corp. (LUK) (-8.52%).

The Nasdaq Composite ($COMPX) ended the session lower by 52.05 points, or 2.01%, on Wednesday and it closed at 2,538.19. The strongest performers in the Nasdaq-100 ($NDX) were Liberty Media Corp. (LINTA) (+8.12%), Oracle (ORCL) (+4.20%), Vertex Pharmaceuticals (VRTX) (+2.17%), and Netapp Inc. (NTAP) (+1.79%). The weakest performers were Illumina Inc. (ILMN) (-7.36%), First Solar (FSLR) (-7.18%), Joy Global (JOYG) (-7.16%), and Virgin Media (VMED) (-5.70%).

Nasdaq Composite (Figure 3)

Unless otherwise stated, the index action described in this article relates to the E-mini futures contracts for the respective indices. Actual index action may differ slightly in terms of pattern formation, although the market bias will remain the same.

Toni Hansen is president and co-founder of the Bastiat Group Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.

About the Author
Toni Hansen

Toni Hansen is president and co-founder of the Bastiat Group, Inc., DBA Trading From Main Street. Toni is one of the most respected technical analysts and traders in the industry. She has been trading and educating new traders, money managers, professional market analysts and traders throughout the boom and bust of the last decade. She has worked in conjunction with some of the world's top financial exchanges. Learn more about Toni Hansen and the educational services she provides through her website at http://www.tonihansen.com.

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