Friday, Feb 11

The 1311 daily level discussed below provided support again for the market on Friday. Unlike Thursday's move, however, Friday's move off of the daily level was followed by a series of 15 minute measured move longs. The 1327.50 daily target was then hit in the afternoon. The next full 50% daily retracement level at 1318.50, drawn from 1308.5 lows to 1328.75 highs, has a 1333.5 target. If the market does not give much of a pullback, look for what will be the third extension long (drawn from 1322.25 highs to new highs).