One of the most important rules from William Eng’s book, Trading Rules, is that ‘bear markets have no supports & bull markets have no resistance.’ The second part of that is very evident right now, especially on the NASDAQ. It looked like the market might have been starting a multi-day pullback last week. The S&P 500 and Dow had completed evening star-ish patterns on Friday. But most of that was negated today by the S&P rallying to take out the resistance of that pattern. The Dow is now sitting just under last week’s resistance. The NASDAQ continued to just obliterate any facsimile of resistance in it’s way. The only not-so-positive thing I saw today was that the volume on the S&P contracted from Friday. But I think that’s pretty minor, and long term types certainly have no reason to sell right now. But I still think that shorter-term traders will find some excuse to take profits soon. The market has basically been straight up for almost a month now and I think the ‘rubber band’ may be stretched about as far as it will go in the short term.