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Please note that today we have a "Turtle Soup", WR-7 combo on the S&P's.
Yesterday we had that same setup on the NASDAQ as an alert for today
if the markets weakened and penetrated the previous high of 1602.51. That
did not happen of course as witnessed by today's strong upmove; a very
bullish event. Today's level to watch basis the March contract is 992.50
or
so for confirmation of a short term correction. With the NASDAQ now being
the dominant market the odds favor higher prices over the intermediate
term,
(IMHO). It will take persistent weakness in the NASDAQ for the overall
market to experience any serious correction and right now it's just the
opposite. Of course everybody has an opinion and this is just mine.
Charles.
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