Resiliency is the predominant technical characteristic playing in the stock market these days, and I think that reflects positively on the ongoing shift in investor psychology. 

Yesterday’s market action, which followed what I would characterize as a trading vacuum rally last week, reinforced the downtrends in the Nasdaq and S&P 500. 

I think we could see some consolidation and triggering factors for a pullback — China being one of the headlines this morning. 

In many cases, we’re seeing a more contoured pattern playing out in the leadership categories, but for certain sectors such as technology the pattern is more choppy. 

All things considered technically, it seems the market is going to remain in a restricted trading range at least over the short run, but this is allowing the Dow to… 

Last week’s high-volume advance in the Nasdaq drove it above its 50-day moving average. It was a very significant event…