SPX has done well in 2010 surviving scares at the 1040 levels and breaking above the SMA 200d as well as the 61.8% Fib retracement level. While it seems unlikely that SPX retraces a full 100% in the near term, it could definitely reach the 76.4% level at 1361 EOY. Near term traders are looking for it to reach 1325 level a good 56pts higher.
Nasdaq has been leading the major indices since the opening of the new year. Probably involves a sector rotation into technology stocks which may continue to benefit from emerging market demands from a fundamental prespective. Weekly chart below shows room for further continuation target at 2861.51, so about 154pts higher.
The 30min chart shows sharp moves, up and down although the recoveries have been strong just as the selloff has been sharp. So would require some careful trading. Although the golden cross on the above chart should bias us upward in the short run.
