On Wednesday,the general market slowly ate away overhead supply in the morning session, and then it gained momentum in the afternoon. It surged higher immediately following the release of FOMC minutes which indicated support for a more accommodative approach on money supply.

The Nasdaq Composite surged for a +70 point gain (+1.72%), and the S&P rose +20 points (+1.09%). The Dow also climbed over 1% today, posting a +181 point advance. The small-cap Russel beat the other major indices with a +1.38% gain. 

Volume declined compared to Tuesday. Advancers held a 5-to-2 edge over decliners, and up volume beat down volume by an 8-to-3 margin.The market closed on the highs of the day, a positive sign of strong buying. The Nasdaq, which had dipped negative on the year, is back above the close at the end of 2013.

Industries that led the recent market decline were strong performers today; tech, biotech, and healthcare were among the day's winners. 

Today's action does not end the correction, but its a positive step. The Nasdaq is rising to test its 50 EMA; if rejected, the market can attempt another swing down.Today, the S&P and Dow closed strongly above their respective 50 EMAs.

Tomorrow's economic reports: Initial jobless claims, continuing claims, export and import prices