After gapping up and chopping around for the first hour, the Nasdaq took off and almost touched its 50 day SMA and closed near its high. Volume was average but higher than yesterday, so this qualifies as an accumulation day. The impetus behind the rally: strong retail sales, and lower oil. Most tech sectors participated in the rally except software and to a lessor extent, the SOX was muted somewhat by the early deterioration of one of its stars - BRCM. Hardware and biotechs led the tech rally with AAPL seeing a nice move on the MacPro announcement this morning.The 60 minute chart shows a very slight positive RSI divergence on three consecutive lower lows. Also, a bullish MACD crossover looks poised to test the downward sloping trendline.
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