Daily chart for S&P
Daily chart for NASDAQ
The market hit a series of important support levels on Wednesday and Friday and bounced. This week we will see whether this bounce will follow through. On the shorter term I believe this bounce should bring us to around 10,250 on the Dow and 1,080 on the S&P. However the market is still on a longer term downtrend with a first target at 980 and a second target at 900 by December 2010 on the S&P. There is nothing to show that the downtrend had ended yet.
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