S&Ps will have to make it over 856.50, and then not go below 854 agin, for the current bounce to improve the upside. If that happens the target would be 858 and 860. On the downside, as mentioned in the Morning Meeting, we hve an important level at 850-849, and then below that 847-846.50.

Nasdaq is trading at 1004, although weakness in the Semiconductors (SOX) could limit the upside. For the upside to take hold, Nasdaq would have to get above 1009. The upside target would then be 1010, and then 1013 and 1017. On the downside, below 1003, the target is the 1000-998 area.