NASDAQ LEADS TODAY'S RALLY -- TECHNOLOGY SPDR REGAINS 50-DAY LINE


NASDAQ AND TECH SPDR REGAIN 50-DAY AVERAGE...The tech-dominated Nasdaq market led a broad rally in stocks today.   Chart 1 shows the Nasdaq Composite Index gaining 2.5% and trading back above its 50-day moving average.  It was the strongest of the three major stock indexes.   The Dow Industrials and S&P 500 hit new records today as did the Russell 2000 Small Cap Index.   Nine of eleven stock sectors rose with technology in the lead.  Chart 2 shows the Technology SPDR (XLK) regaining its 50-day line as well.   This week's pullback in the 10-Year Treasury yield may be giving a boost to stocks, and technology stocks in particular.   Both stock indexes shown below still have some overhead resistance levels to deal with.  But today's strong action was encouraging for the them and the rest of the market.

Chart 1
Chart 2
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