The NASDAQ 100 closed slightly lower due to light profit taking on Monday but not before posting a new high for the year. Profit taking tempered early session gains and the low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends today’s rally, the 75% retracement level of the 2008-2009 decline crossing at 1761.87 is the next upside target. Closes below last Monday’s low crossing at 1561.25 are needed to confirm that a top has been posted. First resistance is today’s high crossing at 1648.25. Second resistance is the 75% retracement level of the 2008-2009-decline crossing at 1761.87. First support is the 10-day moving average crossing at 1609.77. Second support is last Monday’s low crossing at 1561.25.
The S&P 500 index closed slightly lower due to light profit taking on Monday but not before posting a new high for the year. Profit taking tempered early session gains and the low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends this year’s rally, the 38% retracement level of the 2008-2009-decline crossing at 1044.11 is the next upside target. Closes below last Monday’s low crossing at 975.80 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 1032.40. Second resistance is the 38% retracement level of the 2008-2009-decline crossing at 1044.11. First support is the 20-day moving average crossing at 998.32. Second support is last Monday’s low crossing at 975.80.
The Dow closed slightly higher on Monday as it posted a new high for the year. Profit taking tempered early session gains and the low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this month’s rally, weekly resistance crossing at 9653 is the next upside target. Closes below last Monday’s low crossing at 9116 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 9587. Second resistance is weekly resistance crossing at 9653. First support is the 20-day moving average crossing at 9283. Second support is last Monday’s low crossing at 9116.
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