All but one of the 14 major market sectors was up today.

More importantly… The top 3 sectors in our summary table (sorted by 6 month change) were 3 of the 4 biggest movers. This is good news for the bull market – SMH, XLK, and XLV reasserted their leading trends.

Additionally, the Biotech’s (IBB), Big Brother in the Modern Family, was what fueled the advance in the more general group of Healthcare (XLV). This is noteworthy because the tone of charts and the media chatter, has shifted over the last several weeks to a belief that this sector will remain hot due to reasonable valuations and increasing M&A activity.

Bulls love active M&A in Biotech!

The 4th big mover was transportation, IYT, which has been a frequent topic of conversation in this report over the last few days. Its head fake breakdown reversal pattern continued its surge higher.

If IYT can clear the 170 level it’s likely to get the media excited as the bulls will gain a new level of confidence.

Furthermore, interesting action was not limited to sectors today.

Another notable market mover today, was the U.S. Dollar (UUP). After a breakdown below a multi-year range low yesterday, it popped back up over the breakdown level. Additionally it is sitting on a 200-week moving average. I cover how to potentially trade it in the notes below.

The final interesting observation on today’s markets is that the VXX did not sell off as much as one would expect with such a strong day in stocks. I wouldn’t call this a reason to be bearish about stocks, but I would consider it a reason to watch it for a long trade when you feel stocks are ready to correct.

S&P 500 (SPY) Nice breakout. Look for support at 245.60-.50, then 244.60, today’s low. Significant at 246.50 area then 246.50 and 247.50.

Russell 2000 (IWM) Support at 137.80 and then 137.25 and 136.25. The big number to clear is 139.

Dow (DIA). Didn’t rise with the market. Support at 217.50 then 216.60. The big resistance is at 220.

Nasdaq (QQQ) Nice breakout of multi-day range. Look for support around 144, 143 and 142. Resistance is at today’s high, 144.90-145.00 and 145.50, All time high is 145.96.

KRE (Regional Banks) Stuck in the pivotal area of 52. Support around 51.80 and 51.40. 54.00 is major resistance.

SMH (Semiconductors) Big day, but still range bound – 84 to 88. 87.50-.25 should be support. 85 is good support.

IYT (Transportation) Big follow through to the upside. Look for support at 166.70. Should hold. Big resistance is at 168.85

IBB (Biotechnology) Big up day. Look for support around 322.50. High area resistance is 329-330.

XRT (Retail) Straddling the important 39 level. Could be bottoming as long as it holds over 38.40. Big resistance at 40.

IYR (Real Estate) A break over 81 would look good. Should hold 80.00 area.

XLU (Utilities) Consolidating. Support at 54.40 and 53.60.

GLD (Gold Trust) Key level to hold is 123.50 and 123.50. Resistance at 12.87.

GDX (Gold Miners) Look for support at 23.90 and 23.50 Expect resistance at 24.90.

SLV (Silver) Look for support at 16.30-.20 clears key high and the 200 DMA. Resistance at 16.50 then 16.70-.80.

USO (US Oil Fund) 9.50 is pivotal. If breaks above, it could create a head fake break down. If it stays under 9.50 it remains bearish.

UNG (Natural Gas) Still in a bear trend according to phases. If it has a 30-min Opening Range breakout over 6.75 it could indicate a multi-week bottom. The all-time low is 5.78, the weekly base high is 9.80. So the risk is just over a $1 and the first target is just over $2, but if it breaks $10 then $12 is the next stop.

KOL (Coal) Consolidating over $15. Look for support at 14.90-.80.

TAN (Solar Energy) 22.00 resistance and 21.00 support. That’s all you should focus on.

TLT (iShares 20+ Year Treasuries) Look for support at 127.30. Should not break 126.70. Resistance at 128.50.

UUP (Dollar Bull) Multi-year breakdown, may have just reversed. Look at your weekly charts for any close over a prior week’s high that is over 24.20. Until then, stay away.

FXI (China)  If it can hold over 43.40, the long-term picture is beginning to look like an accelerating breakout. Support at 43.40 and 42.75. Next resistance is 46 - 46.50

EWW (Mexico) Consolidating between 56-58. If it closes over 57.75 it could run higher for a while. It should hold 56.80 and then 56.