Behold the Texas Longhorn Bull, a breed of cattle that was brought here by Christopher Columbus.

Although they nearly went extinct in 1927, they underwent a revival for their beef stock. These bulls have a high drought-stress tolerance and an innate gentle disposition. Plus, they fetch a hearty price at auction, anywhere from $40,000-170,000!

Two reasons I feature my handsome friend with a punk nose ring today.

One, to examine the high stress-tolerance of the recent bull move in the market.

Secondly, to explore Livestock futures with a potential bottoming pattern.

Can the bullish phases in the market and the recovery phase in livestock fetch a hearty price at auction?

Three of the four indices confirmed bullish phases. To be exact, the Dow did that a few days ago. So, we are really talking about the S&P 500 and the Russell 2000 as the ones that confirmed today.

Nasdaq though, went back into an unconfirmed warning phase. That means it failed to hold above the 50 day moving average. The follow through to the downside is not surprising.

Yesterday, the Semiconductor sector flashed red. Today, SMH joined Nasdaq into an unconfirmed warning phase. Since many tech stocks are in Nasdaq, logic prevails.

Yet, will that impact the significant gains made in the other three indices? Moreover, besides in Semiconductors, will the other Modern Family members follow the bullish herd?

Retail, led by the nose ring of the Russells, Transportation, Biotechnology and Regional Banks (all in bullish phases) rallied back into an unconfirmed accumulation phase.

At this point, incredulous or not, the Modern Family speaks well of our Longhorn Bull.

As for Livestock futures, the ETF COW (appropriately labeled) took a second nonconsecutive trip into an unconfirmed recovery phase today.

COW has been in a downtrend since the peak price in 2008. Therefore, if the phase confirms tomorrow, the probability of follow through to the upside is high.

Longhorn Bulls have sound legs, hard hooves, lethal horns and a robust immune system. What evolved as a result is an animal which has survived in harsh environments.

S&P 500 (SPY) 214.50 now support-key support as it is the 50 DMA. 218 resistance

Russell 2000 (IWM) The 50 DMA 121.73 now an important pivotal area to hold. 126 Resistance. 124 pivotal.

Dow (DIA) We didn’t get the gap but we did get a new all-time high

Nasdaq (QQQ) 117.37 pivotal resistance and the 50 DMA. 114 support

KRE (Regional Banks) Support 47.16 the gap low. Resistance 49.00

SMH (Semiconductors) 67.50 pivotal resistance. 66.00 support

IYT (Transportation) Probably time for a rest. 152 today’s low to hold

IBB (Biotechnology) 279 ultimate support. 290 pivotal and 300 big time resistance

XRT (Retail) 43.20 the moving average to hold. 44.25-44.40 resistance

IYR (Real Estate) Guessing it is done for now on downside. Blow off volume.

GLD (Gold Trust) 119 huge weekly support area

SLV (Silver) Inside day. Sitting on the 50 DMA

GDX (Gold Miners) 22.65 huge weekly support

USO (US Oil Fund) Inside day so must take out 10.40 to stay in the game

TAN (Solar Energy) Inside day. Potential island bottom

TLT (iShares 20+ Year Treasuries) 120.15 the 200-week moving average

UUP (Dollar Bull) 25.34 support and 25.63 possible double top