Clive Corcoran still expects the S&P 500 to rally back to the mid July highs, and to that extent the large Nasdaq stocks, which are currently favored by asset managers, should have further uplift potential.

Exxon Mobil (XOM) is encountering resistance at the late July highs. Clive Corcoran will be watching for further evidence that the momentum is fading and that a short-term correction may unfold.

The pattern looks promising on the long side for Barr Pharmaceuticals (BRL), since the stock broke away from all three moving averages yesterday.

The rejoicing at the FOMC announcement continued beyond the US markets and has generated powerful rallies across the global equity markets.

Hovnanian (HOV) appears to have been sold down to levels where the risk/reward ratio favors some kind of bounce.

The chart pattern for Yahoo (YHOO) suggests that further gains may lie ahead.

Flextronics (FLEX) is forming a pennant formation following its recent break above the trading range and should see further upward continuation in coming sessions.

Applied Materials (AMAT) dropped below two key moving averages on above average volume yesterday and will be on Clive Corcoran's watch list in today's trading.

The trianglular formations for the Dow Jones Utilities (^DJU) are nested, and the shorter term formation is pointing towards a critical tension that should be resolved soon with a directional breakout.

McDonald's (MCD) is looking constructive from a money flow point of view and the rising wedge pattern appears to be be pointing to a potential break above the recent congestion around the $50 level.