An opening gap quickly faded into a lower low by mid-morning, followed by a bullish multi-wave rally which held until 2:00. As discussed here last night, semiconductors got a big boost from the MRVL earnings and AMD news. The SOX was up 15 points or 3.2% and carved out a bullish engulfing wide range bar. Most major tech sectors ended the session in the green except software. There are still no major technical indicators on the daily chart to signal a reversal, however, we do see positive divergence on the 60 minute view. Next resistance level is 2220. The NASDAQ P&F chart above is now indicating a target of 1980. The NDX winners were MRVL, AKAM, and AMZN and the losers were JNPR, EXPD, and JOYG.I'm not expecting a big bounce here, nevertheless, it will create another shorting opportunity.
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