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S&P Target: $1005. Stay tuned for a full market wrap Sunday.

It looks as though the markets are thinking higher. Don’t be fooled, even if we do get a short rally we are not clear to retest April highs until we break $1150. Lots of news tomorrow should spark things up a bit and make for some great intraday trading.

Not a pretty NASDAQ chart for bulls. With daily swing targets below us, an inverted hammer on the QQQQ’s and continuing fears of the Oil Spill, Greece and Spain, and not to mention our own US debt we could see a massive decline this week breaking lows. A break outside of this inverted hammer on the QQQQ’s should give us some short term direction. New shorts setting up for tomorrow: AMED, M, SLW, UNP