The S&P 500 index was higher overnight as it consolidates above the 10-day moving average crossing at 906.67. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 920.44 are
needed to confirm that a short-term low has been posted. If September renews this month’s decline, the reaction low crossing at 874.00 is the next downside target. First resistance is the 20-day moving average crossing at 920.45. Second resistance is this month’s high crossing at 952.50.

First support is the 10-day moving average crossing at 906.70. Second support is last Tuesday’s low crossing at 884.30. The September S&P 500 Index was up 3.70 pts. at 917.60. Overnight action sets the stage for a steady to higher opening by the September S&P 500 index when the day session begins later this morning.

August crude oil was higher overnight due to light short covering but remains below the 20-day moving average crossing at 70.20. Stochastics and the RSI are turning bullish hinting that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 70.20 are needed to confirm that a short-term low has been posted. If August renews last Monday’s decline, the 38% retracement of this spring’s rally crossing at 62.25 is the next downside
target.

First resistance is the 20-day moving average crossing at 70.20. Second resistance is the reaction high crossing at 71.29. First support is last Tuesday’s low crossing at 66.37. Second support is the 38% retracement level of the aforementioned rally crossing at 62.25.

The September Dollar was higher overnight due to light short covering as it extends this month’s trading range. If September renews the rally off this month’s low, the reaction high crossing at 83.69 is the next upside target.

First resistance is last Monday’s high crossing at 81.30. Second resistance is the reaction high crossing at 81.97. First support is last Wednesday’s low crossing at 79.90. Second support is the reaction low crossing at 79.62.