Short-term overbought, but...

It only took a whiff of hope to get the market moving.  It would appear the bulls have the upper hand now that the banks are magically turning a profit and GM no longer needs money (right).  I would expect a pullback to resistance turned support around the 725-735 area.  Bullish price objectives are shown here.  Intermediate resistance is 775 and 800.  It is still too early to claim victory for the bulls but the bears are going up against the bulls and the interventionist now.  However, credit conditions have worsened somewhat even while equities have been partying the last few days.  Something to keep and eye on.