Stocks quoted in this article:
The indices are rallying back to important technical levels. For example, the S&P 100 Index (OEX 728.26) is testing the 730 area once again. This level is important because it acted as support in March, April, and May. The move below 730.00 on October 11 led to violent follow-through selling.
In addition, the December S&P 500 Index Futures contract (SP/Z0 1392.00) is bellying up near the round 1,400 level, which provided support in February, April, and May.
Finally, the Nasdaq Composite (COMP 3372.50) is trading just below the 3,400 century mark, the site of its 20-month moving average, the demarcation point between bull and bear market.<