Stock Market Commentary: Powers Higher

The past few days had the look of a tired rally but Intel and JP Morgan added a bit of pep and buyers returned. This piled on the misery for shorts who again were put on the defensive, but it was the activity of buyers which added to the spice of panic covering. For the S&P it was rising support which bulls were prepared to defend. Supporting technicals continued to improve even though the MACD remains flattish.



The Nasdaq enjoyed the best gains thanks to Intel. There is a breakout gap to be defended with some of the strongest buying volume for the year. There is even room to run to channel resistance.



For Bulls there was the added bonus of some of the biggest gains for the lead averages in the Russell 2000



With a sizable breakout gap in the semiconductor index (good for the economy)



There are big gains for bulls to hang on to and at this stage of the rally it will be a tough fight. But this market has survived many a tough fight.

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