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Today's early weakness is reaching multi-day lows for the first time since early November though market breadth today is positive by 3/2 as seven sectors are positive out of 11, with Materials and Healthcare up more than 1%. The decline in big-cap Tech however is what many investors are concentrating on and FI-2.30%  AMD-4.75%  PANW0.20%  NVDA-2.89%  PLTR-1.52%  are all down more than -2.75%. An end of day finish at multi-day lows, particularly if breadth gets worse would make the case for a mild selloff which might last into FOMC but one which should provide buying opportunities. Oddly enough, today's positive breadth on negative SPX price action is nearly the opposite of what happened all last week when prices rose while breadth was negative. Initial support levels for ^SPX-1.50%  lie near 6042, then 6017

NVDA-2.89%  pattern is not unlike AAPL-2.41%  and at a combined 10% of SPX, is at least part of the reason for a bit of slowdown in the Tech trade lately. (Both AAPL and NVDA have traded in range-bound symmetrical triangles since July) As seen, this triangle pattern requires a move over 126.50 for a breakout (and this is the likely outcome) and today's rally to multi-day highs has provided a bit of a short-term spark for Technology (While Equal-weighted Tech is just fractionally positive, XLK is up +0.55%, due largely to NVDA, PLTR-1.52% , AMD-4.75% , CRWD-2.87% , and MU-0.07%  outperformance, all of which are higher by more than 2%. NVDA looks appealing here ahead of its breakout, and movement above 126.50 should result in acceleration that leads this back to new highs, technically.

Meanwhile, AMD-4.75%  spiking more than 9%, helping the entire Chip sector, and trading 151 now vs yesterday's close of 138.44 as its MI300 GPU outlook of 4.5 billion was much bigger than previous guidance by 500 mm. Today's surge is the biggest rise since February on the EPS and Rev beat, and area near 153 looks important technically, lining up with prior lows from June. Note, given the weakness under May lows, it will be important for AMD to show continued strength to try to regain leadership as its been quite weak lately. Over 162 would help to add conviction that it could begin to show better relative strength. At present, today's move is a welcome sign for Semiconductors and NVDA is also higher by 9.5% which at 5%+ of SPX is resulting in strong morning gains of +1.10% for SPX and +2.3% for NASDAQ

AMD-4.75%  is an important stock within the Semiconductor space which has earnings post close today. One can see the 23% decline since late March which has given back just about 50% of the entire rally from October 2022 in about seven weeks' time. This has caused momentum to grow more negative on a short-term basis. However, the larger uptrend from 2022 remains very much intact, and it's thought that any weakness post earnings would find strong support at a zone from $133 - $141. 133 lines up with former Spring peaks in AMD while 141.37 represents a 50% retracement zone of the former rally from 10/22. Overall, i view this pullback as providing an attractive risk/reward opportunity for AMD, as the overbought momentum has been relieved, while no meaningful technical deterioration has occurred. Even on mild weakness, AMD would be attractive technically, and i expect a push back up to new all-time highs between now and June.

Today's rally in AMD-4.75%  is very good for this stock technically as it's officially exceeded the highs of a consolidation that's been ongoing since mid-January. Volume is expanding on this move to the highest of the last week and Daily DeMark readings are premature by 3 days while weekly is 1 week away from signaling possible exhaustion. Thus, While i feel AMD likely can lift to 200-205, i feel like this might prove important on a rise into mid-March as resistance. This entire consolidation is normally viewed as a "wave 4" pattern from an Elliott-wave perspective. Thus, today kicked off the 5th wave potentially from last October. While near-term bullish, this would likely be something that will cause momentum to begin to diverge negatively and "could" represent a profit-taking opportunity when this reaches 205. At present, Thursday's gains are quite bullish and the pattern breakout is something one could use to add to new trading longs, and is not viewed as something to take profits into right away given the potential for upside acceleration in the near-term

Another day which is more interesting than the SPX net change might indicate with prices just marginally "green" at +0.06% at 4997.37 hovering just below 5000. Both Small and mid-caps are up sharply today, while both US Treasury yields and US Dollar have pushed higher. Large-Cap Tech influence is showing a rare period of underperformancce as FTNT-1.54% , AAPL-2.41% , ORCL-5.59% , AMD-4.75%  are all lower. Yet the strength of MPWR, ON, ANET, NXPI, AVGO gains are helping Semiconductor stocks and the broader equal-weighted Technology sector to show gains of more than 1%. Thus, while markets might seem flat today, Tech is actually showing some stellar outperformancel along with Equal-weighted Discretionary. Both of these RSPT-1.95%  and RSPD-1.28%  are up more than double what XLK-2.14%  and XLY-0.98%  are showing in Thursday's trading. As discussed previously, SPX 5000 has no real significance outside of psychological reasons, and likely should be surpassed next week.

Today's rip inAMD-4.75% NVDA-2.89% ,AMAT-3.02%  has helped to fuel Technology yet again, while we've finally also seen Financials push back to new monthly highs which is an intermed. term positive. Other groups like Healthcare have proven disappointing in following the lead of either Tech nor Financials and has stalled out- Europe's PMI beat this morning seems to have been a bigger positive for Euro than our own US beat on PMI was for the US Dollar- Yields are mixed, while the US Dollar is showing small losses- EURO STOXX 50 meanwhile is climbing to highest levels since 2007 as ASML helps their own Technology. Commodities are largely higher today, with precious and Base metal strength and broad gains in Softs along with Energy