The big earnings report yesterday evening was Intel, and it did not disappoint the bulls. It went ripping higher. I would point out, however, that its high price merely matched its price gap as well as the high earlier this summer. In other words, the resistance line I’ve drawn matters.

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Looking at the longer-term, you can see why. The overhead supply is well-formed and massive. Intel might enjoy its moment in the sun today, but long term, the downtrend should resume.

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