SP 500 September Futures Daily Chart

Strong technical bounce off the bottom of the downtrend channel.

Rumours abound that BP is close to plugging the Gulf oil leak, with the word quietly out so that the same insiders who sold shares, and even went short the sector and region ahead of the public disclosure of the problem and its severity, can cover up and go long.

But that's a rumour, so let's see if they really do finally solve the problem, and if stocks can break up threw that resistance where they stopped near the close, and take on the next level of resistance a little higher up.