Starting At The Key

S&Ps were up 570 at 1325.50, which is a key area and yesterday’s high. On the upside, we have a major number at 1328, then 1331.50, 1334, 1338.50 and 1341.

On the downside, our targets are 1322, 1319.50, a key at 1317, which is where the afternoon rally firmed up yesterday, a key at 1312 and a major at 1310.

NASDAQ was up 49 at 2365 in response to CIEN’s earnings. This is going to bring us right to a very key area at 2380-2385. Resistance-wise, if we can get above this zone, look for a move to 2425. We have resistance between 2405 to 2415.

We have support at 2355 to 2340. If we break that, look for a move towards unchanged, which is at 2316.

It was “sell the Dow and buy the NASDAQ” yesterday. The Dow lost 108 points yesterday, but is still holding above our key 10,600 level. We still like this market above 10,600.