The market had a very strong day on Friday which put the indices close to important resistance levels. The S&P 500 is right at the top of its almost year-long downtrend channel while the Dow and Nasdaq are approaching their 200-day moving averages. Right now the Nasdaq futures are indicating an open right on the 200 DMA (damn those technical traders!), so I’d be real careful about trying to initiate longs here. Here are charts of the Naz and and S&P:
