Now That's a Support Bounce!

DJIA + 130.43, +1.02% SP500 + 15.30, +1.10% NASDAQ Comp. + 42.97, +1.76% Russell 2000 + 13.18, +1.83% Stocks and indices rallied on Monday. In classic fashion, indices retreated last week from a higher high to a higher low on Friday. After a moderate opening, indices found support in the area of horizontal and MA support on the charts and bounced. Many stocks and indices closed near their highs for the day. The DJIA, SPX, Nasdaq Composite and RUT all moved higher today and produced classic support bounce entry points. The DJIA, SPX and Nasdaq Composite each bounced off support in a broad rally. This confirms the recent breakout and suggests the markets have the potential for a significant run over the next few weeks. The RUT rose to resistance and closed with a new high close today. DIA, SPY, QQQQ and IWM each had a nice bullish candle formation and gave bullish entry signals. Moving Up BIDU, RIMM, SOHU, DECK, AAPL, DRYS, GS, MA, STRA, NUE, POT, CF, MTL AMZN, MON, MS SCHN, LEH, IBM, EBAY, GRMN X, CLF, MER, AA,CAT, DD, IBM Moving Down JASO, V, CELG, HPQ Intermediate Term Market Trend: Up Short Term Market Trend: Up