Major averages fell yesterday on mixed volume, interrupting the S&P 500 Index's five-day winning streak. The S&P 500 had a distribution day two days after the follow-through day. Past research shows when this happens so soon after a follow through day, the rally attempt fails more than 90% of the time within a few days. With the S&P 500 bumping up near its 50-day moving average while the NASDAQ continues to move toward its own 50-day line, an inflection point could be approaching.
Futures are solidly up at the time of this writing as oil and other commodities are up again for the second straight day after trading sideways for 5 weeks. This gives the market hope that the long term downtrend in commodities may be taking a pause.
Semiconductor IPHI had a pocket pivot. Earnings and sales are soaring, group rank 91.
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