The converged short term moving averages provided the anticipated support for the S&P 400 Midcap index (^MID).



Hot inflation data hit the long end of the Treasury spectrum yesterday and over the last two sessions the yield on the thirty year bond has moved up by eleven basis points and peeked above the downward sloping 50-day EMA of yields.



Also finding support at key moving average levels the FTSE 100 in the UK (^FTSE) managed a 1.3% gain yesterday and as of current writing is pushing further ahead.



Yesterday's comment that "Digital River (DRIV) looks to be headed down to probe potential support at the February lows" proved to be timely.



Alliant Tech Systems (ATK) has reached down to a key support level at which level it may find some buying interest.



Baxter International (BAX) has a similar story to the one above for ATK.



Intel (INTC) is in a constricted range and following upbeat earnings the stock could move out of the range and battle its way through overhead resistance.



Clive Corcoran is the publisher of TradeWithForm.com, which provides daily analysis and commentary on the US stock market. He specializes in market neutral investing and and is currently working on a book about the benefits of trading with long/short strategies, which is scheduled for publication later this year.

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