The NASDAQ 100 closed higher on Tuesday and posted a new high for the year. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If September extends this week’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 1655.50. 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 1614.15. Second support is last Monday’s low crossing at 1561.25.
The S&P 500 index closed higher on Tuesday and posted a new high for the year. Profit taking tempered early session gains and the mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are diverging but 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 1037.00. Second resistance is the 38% retracement level of the 2008-2009-decline crossing at 1044.11. First support is the 10- day moving average crossing at 1006.85. Second support is the 20-day moving average crossing at 1000.89.
The Dow closed higher on Tuesday and 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 Wednesday. Stochastics and the RSI are diverging but 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 9620. Second resistance is weekly resistance crossing at 9653. First support is the 10-day moving average crossing at 9364. Second support is the 20-day moving average crossing at 9306.
