Mike Santoli's market notes: Explaining Monday's surprising pop, daily market tests, watching Apple

  • Has the market just defined the lower end of a trading range? The S&P bounces off 3000-ish for the second time this month after three weeks of retrenchment in which the median stock pulled back some 14%.
  • Here is the index in June. You see the sharp rebounds each time it got to and slightly through 3000. On the negative side, the post-crash highs are sitting on a so-called island formation separated by watery gaps, sometimes an important trend reversal pattern.