The markets pushed beyond the resistance levels we observed yesterday and now the buyers are firmly in control of the intermediate term trend. Even the daily charts are looking much improved with rising 10, 20 and 50 day moving averages. Semiconductors remain the weakest but moved beyond the 3050 level as “bad news” from $INTC came out at the lows.
$SPY 136 was broken yesterday and now market is closing in highs from last month. Short term it may seem extended but the trend is higher, I wouldn’t suggest fighting that trend.
$QQQ bakced away from the 6370 level at the close yesterday but is now firmly above it and we will now look for pullbacks to hold above ~6350
$IWM broke the 80 level and with a rising 5 day moving average, the intermediate term trend is “innocent until proven guilty.”
$SMH semis are still a mess but it is good to see them back above the 3050 level, we will look for that area to become support on pullbacks. This sector still needs a lot of work to improve the longer term (daily) timeframe.
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