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Decision Time for Dow and Semiconductor Index

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Bulls have done a good job of clawing back the losses generated by the individual days of selling which have peppered the market since April's lows. The S&P had reversed from the point of the March high in what looked to be a good shorting opportunity but the lack of follow-through leaves this play vulnerable to a swift exit. A short-stop at 2,792 is the best protective play but further highs are looking more likely.

Bulls Maintain Form

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Another day, another day of gains. Nothing significant but enough to keep rallies and recent breakouts intact. There are few trading opportunities - except to hold on to existing positions. The S&P has a potential shorting opportunity at March swing high resistance but given the breakouts in Tech and Small Caps, I'm not entirely convinced by it. Technicals are net bullish except for relative performance which has been in decline since March.

Strong Finish To Week

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Markets feeling the pressure of Thursday''s selling recovered to maintain recent breakouts. For example, the Nasdaq 100 made it back to breakout support after briefly undercutting this level on Thursday. Technicals are all bullish and the index remains well placed for further gains.

Nasdaq 100 Breakout with Dow Jones at Resistance

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Since my last update markets continued to edge higher. As of Wednesday's close the Nasdaq 100 was the latest index to break to new all-time highs. Relative performance for the Nasdaq 100 edged a little ahead of the Russell 2000.

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