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The major feature of today's trading will be the release of Intel (NASDAQ: INTC) earnings after the close. Mr. Market might grind higher all afternoon in anticipation of a good report from INTC. Judging by the intermediate- and near-term pattern, additional upside should be forthcoming in the coming hours. Purely from a technical perspective, if INTC heads for the top of its 2009 bullish channel, then we should expect it to make a run for 22.00, which could be triggered by tonight’s earnings report. At this juncture, only a negative reaction to earnings that breaks near-term support at 20.15 will begin to compromise my higher target expectations, while a break of 19.00-18.90 will inflict serious damage to the bullish uptrend.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
