The NASDAQ 100 closed lower due to profit taking on Monday as it consolidated some of the rally off this month’s low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below this month’s low crossing at 1561.25 are needed to confirm that a top has been posted. If September extends this year’s rally, the 75% retracement level of the 2008-2009 decline crossing at 1761.87 is the next upside target. First resistance is last Friday’s high crossing at 1668.50. Second resistance is the 75% retracement level of the 2008-2009-decline crossing at 1761.87. First support is the 20-day moving average crossing at 1617.51. Second support is this month’s low crossing at 1561.25. 
The S&P 500 index closed lower due to profit taking on Monday as it consolidated some of this month’s rally. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging and are turning bearish hinting that sideways to lower prices are possible near-term. Closes below this month’s low crossing at 975.80 are needed to confirm that a short-term top has been posted. 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. First resistance is last Friday’s high crossing at 1038.50. 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 1008.72. Second support is this month’s low crossing at 975.80.
The Dow closed lower due to profit taking on Monday as it consolidated some of this month’s rally. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below this month’s low crossing at 9116 are needed to confirm that a short-term top has been posted. If the Dow extends this month’s rally, weekly resistance crossing at 9653 is the next upside target. First resistance is last Friday’s high crossing at 9630. Second resistance is weekly resistance crossing at 9653. First support is the 10-day moving average crossing at 9453. Second support is the 20-day moving average crossing at 9377.
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