The Nasdaq composite gapped higher on Thursday, before retreating on a moderately negative ISM services report. We are almost back to the November 16 high of 2205.32. This level is near a pause in last years crash that took place between September 9 and 15, 2008. There is possibly some stock supply that is now contributing to current resistance. The lukewarm reaction to ISM suggests moderately bearish sentiment. But there is progress. The Nasdaq has hit successive peaks at 2168, 2189, and 2205. We will guess that this bounce could take us moderately higher, maybe to 2240, but it needs help from the news. Failing that, we would guess a roll off back to 2113.   

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