The NASDAQ 100 closed higher on Tuesday and above the 20-day moving average crossing at 1446.10 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term.
If September extends this week’s rally, the reaction high crossing at 1496.25 is the next upside target. Closes below the 10-day moving average crossing at 1434.85 would temper the near-term friendly outlook in the market. First resistance is today’s high crossing at 1453.25. Second resistance is the reaction high crossing at 1496.25. First support is the 10-day moving average crossing at 1434.87. Second support is last Wednesday’s low crossing at 1392.50.
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The S&P 500 index closed higher on Tuesday and above the 20-day moving average crossing at 899.06 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If September extends this week’s rally, the reaction high crossing at 928.20 is the next upside target. Closes below the 10-day moving average crossing at 890.41 would temper the near-term friendly outlook.
First resistance is today’s high crossing at 903.90. Second resistance is the reaction high crossing at 928.20. First support is the 10-day moving average crossing at 890.46. Second support is last Wednesday’s low crossing at 865.50.
The Dow closed higher on Tuesday as it extends Monday’s rally above the 10-day moving average crossing at 8291. The high- range close sets the stage for a steady to higher opening on Wednesday.
Stochastics and the RSI are turning bullish hinting that a short-term low has been posted. Closes above the 20-day moving average crossing at 8370 are needed to confirm that a short- term low has been posted. If the Dow renews the decline off June’s high, the 38% retracement level of the March-June rally crossing at 7957 is the next downside target. First resistance is today’s high crossing at 8361. Second resistance is the 20-day moving average crossing at 8370. First support is last Wednesday’s low crossing at 8087. Second support is the 38% retracement level of the March-June rally crossing at 7957.
August Gold closed higher due to short covering on Tuesday as it consolidates some of last week’s decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 928.90 are needed to confirm that a short-term low has been posted.
If August extends this month’s decline, the reaction low crossing at 882.00 is the next downside target. First resistance is the 20-day moving average crossing at 928.90. Second resistance is the reaction high crossing at 949.00. First support is last Wednesday’s low crossing at 904.80. Second support is the reaction low crossing at 882.00.
