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The current market rally continues to build steam, led by the relative strength in the Nasdaq Composite, as it pulls away from the 3,300 breakout level. The Nasdaq rallied 1.3% on Thursday, and is the only index to have broken out to new swing highs. The S&P 500 rallied 0.9%, and the Russell 2000 closed back above the 50-day MA with a solid 1.7% advance. Volume was light on both exchanges, which prevented the averages from logging an official accumulation day, but we saw plenty of solid buying in leading stocks. Natural Gas ETF ($UNG) was hit hard on Thursday, dropping 6% on heavy volume. With the price action breaking the bullish reversal candle low of 4/26 and the 20-day EMA, $UNG may need a few more weeks of consolidation before it can head higher. There is support from the 10-week moving average on the weekly chart below. The 50-day MA on a daily chart is slightly lower at 21.42.

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