Wednesday, February 20, 2008

Firmly negative start for the indices but has seen a narrow trading range form near support for the Nasdaq Comp and S&P 500 at 2292/2290 and 1337/1336, respectively (session lows 2291 and 1336). Watching intraday levels at 2294 and 1338 in front of the early lows during the current slip off the high to gauge potential for a retest of the intraday range/session highs. Sustained move back above 2299 and 1342 would be a first positive step.