Finally — it was really looking like things could go either way yesterday. Of course, that’s always the case, but you know what I mean! I estimate SPY resistance cleared up through $139.30 or so, plus or minus. Internals look very supportive for a PM session continuation, although the QQQ is in rarified 2% gains territory already.
Strong Support
We had one of the biggest gains of the year and 1370 on the S&P provided strong support, but volume was lighter today than yesterday. Apple rebounded 5% after a soft opening and the market trended up all day.
Both Intel and IBM are trading down after beating expectations slightly. IBM was soft on the top line but guided up their full year forecast. Expectations are high after a 30% run and the 2% jump today in the NASDAQ. We are only down a few points after hours and the bulls may consolidate side ways or slightly lower if oversea markets trade positively tonight.
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04.17.12 – Bounce
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