Some levels to watch

Monday, February 4, 2008

The pre-market bias is slightly weaker this morning amid some profit taking and downgrades in a number of financial stocks. The 10 minute chart of the S&P 500 shows the level of interest is at 1386. As long as weakness this morning is able to remain above 1386 the index will still be positioned for a short term upside extension and a run toward the resistances from the daily chart before the above mentioned key correction begins. A similar level for the Nasdaq Comp is at 2393.