Markets rejoiced Wednesday as the Nasdaq played a leading role today. Volume did get the memo today. The S&P 500 closed at an all time high, and both benchmarks were higher as the Nasdaq almost gained 2%. Breakouts were not as numerous as you would have thought given the bloated gains. EBAY and GPS took out cup with handle pivot points of 56.95 and 36.94 respectively. DISCA eased past a 3 week tight pivot point of 80.44 as well. All three however came in subpar volume. CXW did manage to close above its 39.41 flat base trigger in powerful trade, it took out during Tuesdays session but finished beneath it. HLX could be one to watch Thursday, as it seems stocks that take out their valid triggers intraday but close below them, catch there mojo the following day (COG did this Monday). HLX took out a 24.10 double bottom trigger intraday Wednesday but could not hold it. The stock recently retested a 20.91 flat base trigger, almost to the penny, it took out on the first trading day of 2013. Taking a closer look at the benchmarks, the S&P 500 is just below 1% from the big round 1600 number. Indexes will sometimes pause at these figures. Glancing at the Nasdaq chart shows that 3200 proved tough resistance on 9/14/12 and 9/21/12. It fell hard until it seemed to bounce at the 2800 level 2 months later on 11/16/12. Today it bounced along the 3300 level.
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