20-DAY MOVING AVERAGES ARE HOLDING FOR MAJOR STOCK INDEXES -- TECHNOLOGY SPDR NEARS TEST OF OLD HIGH -- APPLE HAS A BREAKOUT DAY
STOCK INDEXES MAINTAIN UPTREND... Stocks experienced some minor profit-taking over the last week but have maintained their uptrends. All three of the major stock indexes have found support along their 20-day moving averages. Chart 1 shows the Dow Industrials bouncing off their green 20-day line. Charts 2 and 3 show the S&P 500 and Nasdaq 100 (QQQ) doing the same. That's usually the first line of support during a market pullback. All eleven sectors are in the black today with the leadership coming from energy, materials, utilities, financials, and industrials.



TECH SPDR NEARS NEW RECORD...Technology stocks have lagged behind the broader market over the last three months. But may be nearing a new record. Chart 4 shows the Technology SPDR (XLK) nearing a test of its early September high near 127. It's getting some help from Apple which is its biggest percentage gainer today.
APPLE TURNS UP... Apple (AAPL) is having a breakout day. Chart 5 shows the stock rising to the highest level in more than three months to turn its short-term trend higher after completing a triangular consolidation pattern a couple of weeks ago. Apple is also the biggest percentage gainer in the Dow and one of the day's top gainers in the QQQ.

