Market Action

The SPY had a strong buying yesterday as we broke above two week trading range, closing above the daily 20 sma resistance level.  Good economic data out of the U.S. with the FED Beige Book reporting improvements in the manufacturing sector and good global economic data help support the market rally.  If SPY price action can hold above 20 sma and not fall back into trading range the next move is to test the November highs of 122.95. 

The technology sector did well in relation to the semi-conductor space as many of the major components of the SMH had strong buying during the open. ALTR presented a good momentum long in the morning trading coming off a pullback on the daily charts.  The price action gapped above yesterday’s highs and immediately continuing higher on good volume, with the 15 min chart creating higher high into the lunch time period. 

Commodities moved higher with the Euro bouncing off its daily 200 sma sending the dollar lower.  This resulted in the oil and oil service sector to continue higher with BHI, HAL, and SLB making new monthly highs and XOM trading back above it 20 sma n the daily charts.

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