Bulls pulled it off. NQ manages a close above the weekly pivot (2032) and we could see R1 at 2070 sometime this week. But the most important victory was the SPX bounce at yesterday's 20 month moving average close (1407). However, until the DOW clears 13026, we could see some defensive plays. But I am nitpicking, we had a broad based rally (semis, banks, transports, retail, housing) and as I warned last night, shorts could be in for some pain. We still have many disbelievers out there, that can only help. I'm not saying to throw everything at this rally, there will be lots of swings, but the worst could be over for now. Watch those bonds for any sign of flight to quality and stick with technology if long. Support levels for NQ are: 2032, 2022, 2020.75, 2015, 2009.25 and 2004.50. Resistance is 2034.75, 2045.75 and 2053.50. A breakout occurs above 2074.50, a breakdown below 1989.50. Respect these numbers.
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on Tuesday, November 27, 2007 at 11/27/2007 07:09:00 PM.
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