The S&P 500 index was higher overnight and trading above the 20-day moving average crossing at 919.94. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 919.94 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 overnight high crossing at 925.00. Second resistance is this month’s high crossing at 952.50. First support is the 10-day moving average crossing at 908.70. Second support is last Tuesday’s low crossing at 884.30.
The September S&P 500 Index was up 3.10 pts. at 924.30. 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.
Crude oil was slightly higher overnight as it extends Monday’s rally above the 20 day moving average crossing at 70.41. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near term.
If August extends this week’s rally, this month’s high crossing at 73.90 is the next upside target. Closes below Monday’s low crossing at 68.36 are needed to confirm that a short term top has been posted.
Tuesday’s pivot point, our line in the sand is 70.60
First resistance is the overnight high crossing at 73.38
Second resistance is this month’s high crossing at 73.90
First support is the 10 day moving average crossing at 70.15
Second support is Monday’s low crossing at 68.36
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