Although the upward breakout above the July highs that was achieved by the Nasdaq Composite (^IXIC) on October 1 is still intact, Clive Corcoran suspects that a more robust testing of this level will be attempted in coming sessions.

The chart for Intel (INTC) showed relative strength during last week’s weakness and some constructive patterns appear on the chart.

It seems to Clive Corcoran that the market is at a fairly significant inflection point in which seasonal tendencies moving towards Thanksgiving will be favorable, but the underlying positive dynamics that allowed us to recover so decisively after the turmoil in August have deteriorated.

Clive Corcoran points out that Del Monte Foods (DLM) has a constructive-looking wedge pattern and could be emerging from a basing pattern.

Clive Corcoran writes that positive earnings reports may bolster the Nasdaq in the short term.

Clive Corcoran writes that Lamar (LAMR) could be poised to break out of a bull flag formation.

Last Thursday’s abrupt intraday reversal highlighted potential problems ahead for the market, especially the large Nasdaq stocks, and it will keep Clive Corcoran cautious this week.

Clive Corcoran will be watching the Asian markets, excluding Japan, for further signs that the euphoria which has powered the most bullish rally in twenty years is peaking.

Clive Corcoran writes that the outperformance by the technology sector could continue for some time without necessarily posing technical difficulties for the overall market.

The fifty percent advance by Goldman Sachs (GS) in six weeks speaks volumes about the resilience of the company, but also how much the market is coming to rely upon a cooperative central bank coming to the rescue of the financial economy.