Bounce!
S&Ps are trading at 1161.50, just below our key
area at 1162.50 to 1163.5. Earlier, we saw strong buying across the equity
complex, which pushed the S&Ps back above the 1160 level.
If we get
above this level, we should try for the 1168 to 1170 area. Overall, we should
have a choppy trade between 1165 and 1170.
Nasdaq is trading at 1486,
after bouncing off new lows at 1472 and filling yesterday’s gap at 1476. We have
a neutral/resistance zone of 1480 to 1500. We see support on the
downside at 1465.
Overall, a strong and quick bounce in the Dow has
helped the tone of the equity market, which saw some considerable weakness this
morning. Also, keep an eye on the Semiconductor Index
(
SOX |
Quote |
Chart |
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PowerRating) going forward.