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Stock indexes closed higher on Wednesday due to strength in
technology stocks. The NASDAQ Composite erased all of this
week's losses on Wednesday and is poised to test key
resistance marked by August's high crossing at 1426.76.
Multiple closes above this resistance level would open the
door for a possible Santa Claus rally into the end of the
year. Today's rally turned momentum indicators bullish again
signaling that sideways to higher prices is possible into
early-December. The NASDAQ Composite Index closed up 44.84
points at 1419.35. The December S&P 500 index closed higher
on Wednesday posting a new high close for the week as it
resumes its rebound off last week's low. If the rebound
continues, key resistance crossing at 927 is December's next
upside target. Closes above this resistance level would open
the door for a possible test of August's high crossing at
965.10 later this year. Momentum indicators turned bullish
with today's rally signaling that sideways to higher prices
are possible near-term. The December S&P 500 index closed up
20.60 points at 918.70.

The Dow closed sharply higher on Wednesday erasing all of
its earlier losses this week. Today's rally was triggered by
strength in retail stocks as investors shrugged of
disappointing housing data. Today's high-range close leaves
the door open for follow-through buying on Thursday.
Nevertheless, the Dow remains range bound and needs to close
above 8800 or below 8198 to clear up near-term direction in
the market. The Dow closed up 149 points at 8623.
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