For now, it appears as if the bulls have successfully defended Dow 10,000.

Equities staged a sharp reversal during Friday's session after bouncing higher off of key intermediate-term support.

After the early morning "Intel washout", prices rebounded and closed near the highs on above average volume.

Is it time to break out the Dow 10,000 hats again?

First, we saw the Hindenburg Omen.

Then, during Tuesday's session, the DJIA momentarily dipped below the magic number, hitting an intraday low of 9991.

Equity markets were clobbered last week on above average volume, the NASDAQ fell more than 5%.

The Dollar also sprang to life, rising 3.1% after nine straight weeks of declines.

Last week, a bearish market signal known as the Hindenburg Omen was triggered.

The signal is derived from a combination of technical indicators.

The bears took control during Wednesday's session as the NYSE Composite Index fell 3.3% on above average volume.

A number of leadership stocks were hit hard including AAPL, CREE, AONE, VECO, SOLF, and WFC.

Equity markets were positive for the week ending Friday 8-6-2010, the S&P 500 led the way higher gaining 1.8% on light volume.

Over the next few days, be prepared for some volatility. We have the FOMC announcement on Tuesday at 2:15 PM.

The NASDAQ gained .88% as prices confirmed a new multi-week closing high. The S&P 500 is approaching key resistance at 1130.

This webcast offers a short/intermediate-term market update for Wednesday, 8-4-2010.

We look at the NASDAQ Composite Index and the S&P 500.

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Last week, the NASDAQ led the way to the upside, surging 4.15% on average volume.

Also, market breadth improved dramatically, and all three of the indices that we track closed above key long-term moving averages.

The S&P 500 closed above 1100 for the first time since June 21st, 2010.

Equity markets roared into the close of Friday's session, finishing near the highs of the day.

For the week, the NASDAQ led the way to the upside, rising 4.15%.

Equity markets declined for the week ending Friday 7-16-2010. The S&P 500 lead the way lower as prices fell 1.2%.

Many of the indices printed weekly Bearish Shooting Star candle lines. However, things could turn around quickly with the next time cycle bottom rapidly approaching.

On 7-14-2009, Intel reported stellar earnings after the close of that session. The following day, the market gapped sharply higher, and never looked back.

With Intel's 7-13-2010 numbers well above estimates, and futures pointed higher, are we seeing a repeat of last summer?