It was an impressive comeback on the Nasdaq and in Google today. GOOG just will not stay under $400. I know the Google bears have to be frustrated. Heck, I’m frustrated just watching it from the sidelines. 
Anyway, my outlook on the indices hasn’t changed much from yesterday. The Naz is still below that resistance line and the S&P 500 appears to be making a symmetrical triangle pattern. Both indices are overbought so it’s probably not the best place to be putting new money to work on the long side.
I noticed a lot of oil stocks with bearish engulfing patterns while going through my scans. Most of those stocks are looking kinda toppy. The oil patch may be worth watching the next few days. SWN’s chart, which is just one of the many bearish engulfings, is below.
