Dow Blast
When the Dow went through 9000, the equity index markets took off, hitting upside targets.
S&Ps are trading at 1062, trading off the highs at 1069.50. We think this high area above our target of 1068 may cap the up-move for the day. Earlier, we saw a two-day trade through the 1063 area. Now that we’re trading below that, we see support at 1055-1056.
Nasdaq is trading at 1216, below upside targets reached earlier of 1228 and 1235. A solid move in the Nasdaq today as the Semiconductors
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PowerRating) made a dramatic reversal. At this point, we think there is more to the upside for the Nasdaq. The key for the Nasdaq will be spending more time in the 1220s. For that to happen, we must hold the 1205-1207 support level on any test of that area.