Complete Wednesday Game Plan

Markets rebounded a bit Tuesday with the Nasdaq recording a bullish inside day. It led the way today with a .75% move higher on flat trade. The S&P 500 managed to close almost precisely at yesterdays intraday high, and more importantly CLOSED above the round 1700 figure. It has now gained 12 of its last 14 sessions. A close above 1710 could really energize the bulls. The semiconductors may begin to join the fray as the SMH closed north of the round 40 number today, taking out the 39.82 flat base trigger that it missed doing so yesterday by one penny. It took it out intraday but like the rest of tech yesterday followed suit and faded, closing underneath the trigger. Volume was unimpressive however. INTC remains the largest component in the ETF and its chart although a laggard seems to be swimming upstream with the current at its back. The prior 2 weeks saw gains of 3% plus, and it looks as it it may make it a third with a good move into the close of Fridays trading. Other select semi names have been much stronger like an AVGO which almost closed at the same price as the SMH. It however did show excellent volume confirmation on its 39.55 cup with handle breakout from 9/10 today. Another ETF chart I am keeping a close eye on is the US Dollar ETF UUP. It is forming a descending triangle pattern. It is normally entered as a bearish trade to the downside, and a close below 21.80 could be shorted. But it has better statistics if it breaks out above the descending line. So it could also be bought with a buy stop above 22.15. Helicopter Ben will most likely decide which way this trade should be entered this week.