The DRG (Amex Pharma) is bid up in front of the news that the Medicare bill will be voted on sometime today or tomorrow. The BTK is the strongest index on the day and is pressing up against its descending trend line, which is 458. A break and close above this level may push this index higher in the coming days. The SOX broke out of that descending channel that I highlighted this morning. Look for 516 and then 530 to be the key resistance levels. Remember, NVLS reports its Mid-quarter update tonight and in my estimation, fundamentals certainly take precedent over technical levels. Just because the stock (or any stock in the Semi sector) may look good on a chart, tonight's news will certainly be one of the catalysts that will move the index tomorrow. As I am writing, the market is continuing to breakout. Watch for 1050 to be the next resistance level on the SPX, 9770 on the DOW, and if the NDX can close above 1400 that is a very positive sign.
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