Even though the stock market had a significant rise today, we do not know for sure yet if the recent correction is over. We will be watching for a continued advance with strong volume in the coming few trading days. The recent decline was quick and violent and we will be looking for an advance in the coming weeks of equal magnitude.

The NASDAQ 100 looks the most constructive of all of the indices we follow. The index formed a base the last few weeks and had a beautiful breakout from that base today. You can also see from the chart that the NASDAQ 100 stopped its fall at the 61.8% Fibonacci retracement level. The next resistance is at 2125, followed by the 2175-2200 area.

The S&P 500's chart does not look as bullish. You can notice how the index reversed at our recent support lines. This is extremely bullish as the index bounced off of its strong August support. The next resistance areas are shown on the chart. A move to 1520 will likely signal that the correction is over.

The Russell 2000 had a very powerful move today and closed at 770 resistance. The next significant resistance level is 800, followed by 820, and 830.

EEM moved higher today and closed above its 50 day simple moving average. The next resistance area is 160, followed by a run above 2007 highs.

IEV strongly broke above its 50 day simple moving average today. 122 resistance is right overhead. Soon, IEV should be pushing above 2007 highs.

Today's move higher was a strong signal that the correction had ended. We will be looking for another powerful move in the next few trading days to confirm the new uptrend.