Here's a chart of the SPYs. They bounced off the 50-day moving average, which is pretty good from a technical perspective. My guess is buy-programs went into effect on Friday.
The Dow (DIA) is between the 20 and 50 day SMA. It did close right above resistance established near the end of May. This is a precipitous place for the Dow to be -- there is little room for error.
The NASDAQ moved back into a consolidation area and is trading near the top of that area at $47. It's in a stronger technical position than the DOW but in a weaker position than the SPYs.
This week there are two things to watch out for. The first is interest rates. Keep a close eye on the 10-year Treasury's yield. In addition, we have three inflation reports this week -- import prices, PPI and CPI. Considering the markets actually listened to the Fed's inflation warnings last week, these numbers are now really important.
