The September NASDAQ 100 closed higher on Monday as it extends this month’s rally. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, the 62% retracement level of last summer’s decline crossing at 1635.44 is the next upside target. Closes below the 20-day moving average crossing at 1489.50 would temper the near-term friendly outlook in the market. First resistance is today’s high crossing at 1609.00. Second resistance is the 62% retracement level of the aforementioned decline crossing at 1635.44. First support is the 10-day moving average crossing at 1541.65. Second support is the 20-day moving average crossing at 1489.50.
The September S&P 500 index closed higher on Monday as it extends this month’s rally. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, the 38% retracement level of the 2008-2009 decline crossing at 1044.11 is the next upside target. Closes below the 20-day moving average crossing at 919.89 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 983.70. Second resistance is 38% retracement level crossing at 1044.11. First support is the 10-day moving average crossing at 947.92. Second support is the 20- day moving average crossing at 919.89.
The Dow closed higher on Monday as it extends last week’s breakout above June’s high crossing at 8877. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this month’s rally, last November’s high crossing at 9653 is the next upside target. Closes below the 20-day moving average crossing at 8571 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 9123. Second resistance is last November’s high crossing at 9653. First support is the 10-day moving average crossing at 8833. Second support is the 20-day moving average crossing at 8571.
