Morning Update

S&P 500 chart (SPX) - Daily chart
Not much new to go over this morning. Nothing has really changed. Today the SPX hit the uptrend line at the lows at 1271.11 and bounced off of there nicely to close up at 1281.58. The SPX Target still remains higher at 1304 upwards to as high as 1334, higher end most likely.

The Nasdaq 100 (NDX) - Daily chart
If you look at the chart going back to April 2005, you can see that the NDX has been trading in an uptrend channel for a year now. The NDX has held it's uptrend line for the past year. As you can see from the chart, the lows held in April 2005 and then the lows held in October 2005. Furthermore, the NDX previously has rallied off of those lows and remains in the uptrend channel. You can see that the NDX also made it's lows today at 1634.25 forming a doji candlestick indicating indecision on the part of traders. The lows form today should hold.

Biotechnology Index - Nasdaq (NBI)- Daily Chart
The daily chart of the NBI shows that it has broken out of an ascending symmetrical triangle. It has recently pulled back of the highs at 875.90 in a wave iii to iv to back test the symmetrical triangle breakout line at 836.40 There is no overlapping of the prior waves i and ii. Therefore, the pattern remains intact and the next price target is at the next resistance level at 902.00