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Nasdaq Trend Still Higher

By Paul Cherney The markets are consoldiating the recent gains.

Downside appears limited, but upside also appears limited.

Disappointing expectations for revenue growth going forward clobbered PMC-Sierra (PMCS) in Friday's market, but the Nasdaq recovered from an opening gap lower and that is the kind of price action you see in a bull-leg.

Barring any new technical developments, before the

FOMC's announcement on Jan. 31, I think we should see a Nasdaq close back above the 2814 level probably in the 2840-2873 area, but maybe even higher.

Immediate (intraday)

support for the NASDAQ is 2757-2730. Additional support is 2700-2611 (Friday's intraday low was 2686 and it occurred in the first 20 minutes of trading).

Immediate Nasdaq

resistance is 2814-2893.

The S&P 500 has immediate support in the 1347-1339 area, Friday's low print was 1342.75.

The S&P 500 has a substantial layer of resistance in the 1351-1389 area. Cherney is market analyst for Standard & Poor's

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