Today we'll be seeing the 50-day moving averages on the Dow, the NYSE and the Russell all tested at the same time – what happens next will tell us a lot about this rally.

Shares in International Game Technology (Ticker: IGT) jumped more than 9.0% to a near six-month high of $17.00 on Wednesday morning after Italian company GTECH S.p.A. agreed to acquire the maker of slot machines for around $4.7B in cash and stock and the assumption of $1.7B in net debt.

I’m sure you’re all aware of energy and technology showing strength this year, but consumer durables have been flying under the radar.

Reuters recently reported that Italian lottery operator GTECH (LTOMF) said on Monday it was in preliminary talks to buy Las Vegas-based slot machine maker International Game Technology (IGT) in a deal that could involve a cash and paper offer. In the article I also mention a lot of bidders interest.

June E-mini S&Ps (ESM14 -0.23%) this morning are down -0.17% as they fall back from Monday's record high, although European stocks are up +0.25% at a 5-3/4 year high after UK industrial production rose at its fastest annual pace in over 3 years

As you can see from Dave Fry's S&P chart, we're back in the top of the channel on a Tuesday and I will refer you to April 1st's "Triple Top Tuesday" and December 31st's "Terminal Tuesday" – both of which were points we thought the market was topping out before.