The markets ended with a huge session, and it was turnaround Tuesday indeed today. The indices started out with a strong surge from the get-go. They backed and filled for most of the morning, but held support. After lunch hour the markets took off and ran steadily higher to close near the session highs.

Net on the day, they closed up 236-plus on the Dow, nearly 30 on the S&P 500, and 42 1/2 on the Nasdaq 100, with the Philadelphia Semiconductor Index (SOXX) up 10, with a 5 percent gain.

Advance-declines were solidly in the plus column by 6 to 1 on New York and 3 to 1 on Nasdaq. Up/down volume was a huge 14 to 1 positive on New York on total volume of a hefty 1.85 billion. Nasdaq traded a heavy 2.4 billion shares and had a 7.5 to 1 positive volume ratio.

Every stock on TheTechTrader.com board was higher today, except for the ultra short ETFs, which were obviously down sharply. Agriculture stocks led the way, with CF Holdings (CF) up 5.58 to 55.58, Potash (POT) up 6.06 to 82.30, Mosaic (MOS) up 2.97 to 38.86, and Agrium (AGU) up 3.57 to 40.30.

Apple (AAPL) gained 3.30 today, and American Italian Pasta (AIPC) snapped back 2 1/2 points. Amazon (AMZN) gained 3.90.

Portfolio position Energy Conversion Devices (ENER) was up 2.52 to 26.13.

Financials had a very strong session, with JP Morgan (JPM) up 1.51, Goldman Sachs (GS) more than 12 points, and Morgan Stanley (MS) up 3 1/4. Low-priced Bank of the America (BAC) was up 82 cents to 4.73, Citigroup (C) was up 46 cents to 2.60, and Wells Fargo (WFC) up 2.02 to 13.05.

On the downside, the ultrashorts got smashed, with the Direxion Financial Bear 3x Shares (FAZ) down 23.53 to 55.98, the SRS ultrashort Real Estate ETF at 69.69 down 12.71, and the Direxion Large Cap Bear 3X Shares (BGZ) down 10.05 to 80.09.

Stepping back and reviewing the hourly chart patterns the indices spiked off the bottom, backed and filed and then had a strong afternoon session, closing just above the declining moving averages on the hourly charts, but just below the declining channel top of the last 7-8 sessions.

So it remains to be seen if we get a follow-through tomorrow, but I'll be looking at overhead resistance up around 1185 NDX and around 780 SPX to see if we can make further progress.

Good trading!

Harry

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