Wednesday Support Bounce Continuation?

BMO - About an hour before the open, the SP +10 and Nasdaq +16 futures are trading higher in pre-market trading. This points to a higher open for stocks on Wednesday. The strength of Tuesday's support bounce suggests that it would be more probable that the move would continue and last more than one day. Keep in mind that the market surges and pauses. Yesterday 715 was an are of resistance as the SPX paused there for almost four hours before breaking through near the close. The catalyst of C being profitable for the first two months of 2009, which removed at least one small layer of uncertainty regarding banking stocks, seems to have released a powerful buying force which was non-existent since the market peaked around Feb. 9. Stay focused on the short term support and resistance today, with the expectation of a higher low and higher high in the SPX.