March 7

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March 6 Pre-Bell Update

Today we saw an inside day breakout to the downside. Notice that during the second half of the session we had very strong resistance at the 5764 Balance Zone level. Just above 5764 we have a large LVN near the 5780 area. If tomorrow we can find support above this two areas I will be looking for a move back to yesterday’s high at 5869.50 looking for the “inside day breakout failure”.

• If sellers can keep us below 5764 I will be looking for the repair of today’s poor low followed by a move towards 5700-05. Below the 5700 psychological level I will be looking for another liquidation break towards the 5647 BZ level.

Bullish Scenarios:

• Longs above 5764 targeting 5780.

• Longs above 5780 targeting 5864 followed by 5881.

Bearish Scenarios:

• Shorts below 5764 targeting 5705.

• Shorts below 5700 targeting 5647.

Nasdaq:

• Longs above 20,200.00 targeting 20,372.00.

• Longs above 20,372.00 targeting 20,700.00.

• Shorts below 20,200.00 or below 20,027.00 targeting 19,782.00.