By Bryan McCormick
The Nasdaq 100 broke out of its short-term downtrend this morning, fueled by positive earnings results from Intel last night. The semiconductor group is one of the best performers today as a result.
Given that group's weight in the Nasdaq 100, it isn't surprising to see the index trading up. Most stocks even peripherally related to Intel were up today as well, and that broadening of price gains helped to make the breakout occur.
This nascent rally is not without challenges or obstacles ahead. Tonight two heavily weighted names will report earnings -- Apple (AAPL) and Qualcomm (QCOM) -- and they will set the tone for what happens in the Nasdaq 100 tomorrow.
Ahead of their news, we can have a look at some levels in the index to watch. A close look at AAPL may help provide a rough estimate of what could happen tonight.
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