Gap Up
A gap-open for the S&Ps this morning, now trading at 1140. The market has been strengthened by its ability to hold above the 1138 level.
Resistance is above this level at 1145 to 1150. Earlier, some short-covering, particularly by Locals, helped to push this market higher with buying between 1137 and 1140.
Contained and higher was the buzzword for NASDAQ this morning, trading at 1472 in the late morning after a gap open. Critical for the future direction of this market are the second-tier stocks, as well as our old standby the Semiconductor Index (SOX).
Overall, it appears that the Dell earnings outlook news has helped to bolster this market, which was in need of some good news.
For the upside on the NASDAQ, holding above 1450 is critical.