I think I can, I think I can
The Market Today:
The S&P is within a hair of its 9/5 high. The big surge that hit the entire market at noon yesterday has carried all the way through today’s close.
Here’s a look a the Qs:
The NDX closed solidly above the 1600 level, which puts it above its recent (9/5) high and puts the Qs well on the way to a meeting with 40. This will be an extremely important test. The 40 level was set as strong resistance on a gap down back on 5/17/06, and that resistance held with fury when it was tested from underneath on 6/2/06.
The 40 level serves as the most important pivot point between our recent noodling and the range up there at 40-43 where we spent the entire Spring.
Speaking of breaks, look at how big old Google bid adios to its recent sideways range:
