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Technical Analysis: Reversal Back Up

Note: The Market Close and Technical Analysis will return Monday, July 7. Happy holiday.

Quite a reversal today, as investors continue to see every bit of news in the most positive light imaginable. It will be interesting to see what the upcoming earnings season does to that mentality. The Nasdaq (first chart below) put in quite a bullish engulfing stick today after holding 1598 support. The index is now back at 1643-1653 resistance, and 1686 is above that. The S&P (second and third charts) bounced at the important 963 level. Resistance is 990 and 998. The Dow (fourth chart) has resistance at 9075-9110, and support is 8850. Today's heavy put buying appeared genuine, one more supportive factor for the market here. Time for a holiday rally?

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