Markets with the exception of the Nasdaq, were basically UNCH. But the tech rich benchmark, displayed its recent dominance today gaining almost .5%. The Nasdaq is now up 16.5% YTD, and has recovered 226 handles from its recent low made just 12 sessions ago. Noteworthy as well, is that it is now just 12 handles from the intraday high the index made on 5/22, which spooked many into believing a very nasty correction was about to develop. The S&P 500 by comparison is more than 2% away from its intraday high made on that bearish outside reversal day. Volume, without sounding like a broken record, remains below average. Sectors we are keeping an eye on are the transports. The IYT retreated from yesterdays breakout from a 114.51 double bottom trigger, on the heels of the third largest component FDX’s 4.5%, move, but more under the radar, the 6th largest component ALK’s 6% move higher Tuesday. ALK moved higher for the second consecutive day, rising 3% on good volume, and met stiff resistance precisely at its 50 day SMA. Watch Thursday to see if it can reclaim that key moving average.
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