Markets were relatively flat during yesterdays trading activity. Positive economic data and positive earnings report continue to surface, but the fear of continued interest rate hikes and high Crude Oil prices neutralized the data. The Dow, NASDAQ, and S&P closed slightly lower.

The yield on the 10-year Treasury Note has reached 5.15%, suggest the market may be preparing for continued rate hikes after the May 10 Fed meeting. Interest rate futures show a 100% chance the Fed will raise its benchmark rate from 4.75% to 5% on May 10th, and a 48% chance, up from 35% two days ago, they will raise to 5.25% in June.

The economic calendar is full today. Jobless Claims reported higher than expected at 322k this morning. Labor Costs doubled, suggesting that inflation is on the horizon. The employment data is what the market is really waiting for. That is to be released before the bell tomorrow morning, 8:30 EST.

Crude oil has continued to fall due to better than expected inventory numbers released yesterday. Oil futures are currently trading at approximately 71.34. US Stock futures are trading higher this morning, suggesting a positive open.

It appears the bulls may be rearing up to Apple Computer Inc (NASDAQ: AAPL). The technical setup presented here is very bullish. Let's point out the technical indicators that lead me to make these statements.

First, AAPL has began trading in an up trend. 72 is the point of resistance AAPL must break in order to continue this trend. 72 is also a potential neckline for what looks as if it could be a Head and Shoulders reversal pattern.

The only indicator that would disprove the potential Head and Shoulders pattern is the fact that volume at the peak of the Head is higher than volume at the peak of the left shoulder. In a typical H&S pattern, volume decreases with each peak.

Teva Pharmaceutical Industries (NASDAQ: TEVA) is testing resistance at 44 once again. The stock gapped up and looked as if it was ready to breakaway, but as soon as the stock price reached 44 it turned the other direction. The stock closed just below 44 yesterday and may be in prime position for a short.

Should it begin to move higher, it more than likely means the resisitance level will be broken. if it moves lower, it likely proves that resistance holds true and the stock will continue lower.

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.