Bailout Boost
S&Ps are up 26.00 pts at 998.50, with the markets reacting positively to $15B airline bailout. This puts us at the threshhold of the psychologically important 1000 level.
Above 1000, our first level is 1003. If we can get above this, the target is 1007. Above that, we have 1018 and then 1020.50.
On the downside, we have 996.50, 994, 991, and 988.50. We should see some major support at 983.50-984.
Nasdaq is up 44 at 1181, which is right in the middle of a resistance area between 1160 and 1200. Within this resistance area, the stronger pockets are between 1188 and 1195. We think that is critical. Above 1200, look for 1240.
On the downside, below 1160, we have support between 1156 and 1152. Under that, look for a move to 1137. Along the way, 1144 to 1140 is support.
The Dow got a boost early Friday from the
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PowerRating) news. Nevertheless, the Dow was down dramatically on the week. With the pre-market indications we should be opening around the 8400 level. Expect a choppy trade today.