Yesterday's markets proved that Monday's reaction to Bernanke's comments was a bit of an overkill. The Dow, S&P, and NASDAQ all closed higher.

One thing that does concern me is the fact that the market did not seem to react to rising crude oil and gold prices. I realize gold has not had much of an impact on the market, so no reaction in that realm is not extremely alarming, but crude oil reached $75 per barrel and the market seemed to ignore it. We'll have to wait and see what happens today. Crude came off the $75 highs, but oil inventory reports are due at 10:30 ET and may push oil higher.

Factory orders and the the ISM Non-Manufacturing Survey are both due at 10:00 ET today. These reports will likely meet or beat consensus considering the series of strong economic reports that have been released recently. U.S. stock futures are mostly lower this morning, suggesting a flat to lower opening at the bell.

Microsoft Corp (NASDAQ: MSFT) has had a lot of trouble since their weak earnings report. The stock, which typically trades relatively flat to the NASDAQ Index, has consistently shown relative weakness.

The 2-day 2-minute bars chart above gives a snapshot of MSFT's trending as of late. The stock began down trending, then moved into an accelerated down trend. At the end of the trading session yesterday, MSFT was able to break out of the accelerated down trend, but still must pass through the resistance of the first down trend in order to break out of this funk.

Qualcomm, Inc (NASDAQ: QCOM) presents a setup worth mentioning. First of all, I am overall bullish on the company since they dominate the cell phone chip market. This is an enormous market with vast growth potential and no signs of a slow down. That is why I pay attention when I see a nice opportunity from a technical standpoint.

QCOM has been trending up for quite some time now. The 6-month daily bars chart above shows a pull back to the trend line, presenting a bullish scenario for QCOM. The pullback occurred on average volume, which does not present any red flags for a continued downside move.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.