Despite yesterday's large move up, the S&P 500 is still in a downtrend. There is short-term resistance now around the 2,450 level. This level was the top in mid and late June. Yesterday's close was at 2,352 and today's high was 2,449. The Technolgy and Financial Sectors are still consolidating below important resistance after breaking their recent uptrends. Remember that these two sectors compose about 40% of the overall S&P 500 makeup.