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2 hours into trading, we see S&P has just surpassed yesterday's intra-day peak (ES-1.92% _F- 5616) by S&P Futures which has helped this rally to accelerate. Breadth is just mildly positive, and Financials and REITS are the only two sectors higher today on an Equal-weighed basis, Technology is largely flat, but XLK is up +0.28%, powered higher by a near-4% bounce out of CRWD-2.97% , along with AVGO-2.32% , FSLR-0.99% , NOW-2.34% , and PANW0.34% , all which are higher by more than 2%. Software stocks are leading Semis today, and NXPI-1.42% , ON-7.13% , and TXN-0.79%  are all lower by more than 3%, and SOX is lower by -0.85% at a time when XLK is outperforming. Transports are lower by 1%, but Small caps are showing stellar strength, up by 1% (IWM-2.20% ) as the SummerOfSmallCaps has arrived. Both US Dollar and Treasury yields are pulling back from earlier bounce attempts, TNX still down -0.02bps - Target initially for S&P Futures lies near 5721

Technology's gains today on an Equal-weighted basis are +0.45%, which are swamping the +0.11% seen in XLK today. Thus, while stocks like MPWR-4.79% , NOW-2.34% , WDC-1.94% , NVDA-3.02%  are down more than 1%, the Technology sector is actually outperforming the ^SPX-1.58%  today, thanks to a strong showing from ON-7.13% , TRMB-3.18% , ACN-2.22% , SNPS-1.88%  and PANW0.34%  which are all higher by more than 1.75%. Technology as a sector is just exceeding prior lows from mid-March after yesterday's successful breakout above late April peaks. This is a very bullish move for Tech, and should help this group continue higher on an absolute basis. As discussed, Tech also remains an Overweight and likely will start to outperform ^SPX-1.58%  as Treasury yields begin to fall at a bit quicker pace

90 min to go in Wednesday's session, we've seen early losses be recouped to some extent, with SPX now just fractionally negative (-0.02%) while QQQ-1.59%  is still up a minor amount on gains by TSLA-0.11%  TXN-0.79%  ON-7.13% , TTD-2.24%  and some outsized strength out of many Semiconductor names (SOX higher by +0.85%) However, today's sector performance definitely is a bit defensive in nature, with Utilities, REITS leading the charge while Industrials are being hard hit on losses from ODFL-1.77%  which is hurting the DJ Transportation Avg. Overall, i don't sense that the minor consolidation after yesterday's bounce has been fulfilled. This structure seems to indicate that another minor pullback might unfold into tomorrow before a large rally takes place into early to mid-May, likely on the heels of good earnings out of MSFT-1.26%  and/or GOOGL-1.00%  tomorrow. At present, support for ^SPX-1.58%  weakness lies near 5037 then 5021 while any move back OVER 5089.48 would allow for this rally to continue without much more decline. Bottom line, the gains of the last two days gave some pretty hard proof that lows for the larger decline from March are in place. I expect "maybe' another 30-40 point S&P pullback before a rally up to 5200 and ultimately 5400 gets underway which should start this week, continuing on early week progress