A lot of bullish hammers on the indexes today; could be worth a bounce. The end of the month and the pre-holiday period could be positive, but September, historically the worst month of the year, with only five winning months since 1986, is right around the corner. Given the run-up heading into this September, and possible topping patterns on the bank stocks (See the BKX and Citigroup, its biggest component, first two charts below), the set-up is there for another September swoon. For now, though, the BKX and C turned up off those very important supports, so that's a positive. The S&P 500 (third chart) remains mired in a long trading range. 987-990 is support, and 980-983 below that, and 1010-1015 is critical resistance. The Dow (fourth chart) faces resistance at 9352-9361, followed by 9425 and 9470-9500. Support is 9270 and 9190. The Nasdaq (fifth chart) has resistance at 1776, 1800 and 1812, and support is 1745-1750 and 1730.
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