The S&P 500 index was higher due to short covering overnight as it consolidates some of Monday’s decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline, the reaction low crossing at 874.00 is the next downside target. Closes above the 20-day moving average crossing at 920.27 would confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 911.28. Second resistance is the 20-day moving average crossing at 920.27.
First support is Tuesday’s low crossing at 884.30. Second support is the reaction low crossing at 874.00. The September S&P 500 Index was up 3.60 pts. at 893.80 as of 6:03 AM CST. Overnight action sets the stage for a higher opening by the September S&P 500 index when the day session begins later this morning.
The NASDAQ 100 was higher due to short covering overnight as it consolidated some of this week’s decline.
First support is Tuesday’s low crossing at 1412.00. Second support is the 25% retracement level crossing at 1399.87. The September NASDAQ 100 was up 5.75 pts. at 1429.75 as of 6:02 AM CST.
Overnight action sets the stage for a higher opening by June NASDAQ 100 when the day session begins later this morning.
