Nasdaq Leading the Markets Higher

Since our last update, the markets have moved nowhere.  The Dow still stands near the 11700 resistance level we mentioned.  Today, concerns amid the banking sector shot the Dow Jones down 140 points to close near 11640.  JP Morgan reported wider than expected losses.  Again, a failure at that critical 38.2% retracement level on this index.  Support continues to remain at 11300ish and resistance at 11700 and then 12000. 

One interesting note to make here is that the Nasdaq is strongly outperforming the rest of the market and this is what you want to see when the market is trying to hammer a bottom in.  For those of you who remember, the bottom in 2003 did just this.

The banking sector is still on shaky ground but holding firmly above the July lows and this is bullish as well.  Let's keep an eye on a break of either of these boundaries defined above