While I do not think the broad market needs bellwether semiconductor Intel to rally hard in order to sustain another leg higher, I do believe INTC needs to at least hold this current level. As you can see on the zoomed-out daily timeframe below, Intel is now back to a major, multi-quarter support level.  Today’s attempt at stabilization is a decent start.

Should Intel miserably fail from current levels, it will certainly factor into whether I reconsider the case for being constructive on the market.

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