Bounce Targets For Today...

For Nasdaq - 2320 SPX 1339. Should be no problem to get there.

Since the Nasdaq has underperformed since January... we could see SPX test some higher resistance levels like 1377... Benchmark for a breakout is 1396... (post Jan. Highs) I think one of the answers to the puzzle is the behavior of Nasdaq, if it fails to test 2320, that's not a good sign... and a clue that this is just a short covering event. Volume will tell us as well.

Edited by SemiBizz, 14 March 2008 - 08:26 AM.

Since the Nasdaq has underperformed since January... we could see SPX test some higher resistance levels like 1377... Benchmark for a breakout is 1396... (post Jan. Highs)

I think one of the answers to the puzzle is the behavior of Nasdaq, if it fails to test 2320, that's not a good sign... and a clue that this is just a short covering event. Volume will tell us as well.

Semi...Have you noticed the chart below? I think it suggest $COMPQ will start outperforming now

http://stockcharts.com/c-sc/sc?s=$SPX:$COMPQ&p=D&yr=2&mn=6&dy=10&i=p59384488900&a=133261829&r=6219.png

For Nasdaq - 2320

SPX 1339.

Should be no problem to get there.

I was thinking those targets too...but this morning's action seems unusually violent to the downside.

Yep, and Volume is going with this move too... 1260 coming now on SPX. 2164 on Nasdaq if this is sustained...