The NASDAQ 100 closed higher on Friday as it extends this month’s rally. The mid-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this summer’s rally, weekly resistance crossing at 1783.71 is the next upside target. Closes below the 20-day moving average crossing at 1654.48 would confirm that a top has been posted. First resistance is today’s high crossing at 1730.50. Second resistance is weekly resistance crossing at 1783.71. First support is the 10-day moving average crossing at 1687.25. Second support is the 20-day moving average crossing at 1654.50.
The S&P 500 index closed lower on Friday due to profit taking as it consolidates some of this week’s rally. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this summer’s rally, the 50% retracement level of the 2008-2009-decline crossing at 1112.80 is the next upside target. Closes below the 20-day moving average crossing at 1027.02 are needed to confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 1070.50. Second resistance is the 50% retracement level of the 2008-2009-decline crossing at 1112.80. First support is the 10-day moving average crossing at 1041.42. Second support is the 20-day moving average crossing at 1027.02.
The Dow closed higher on Friday as it extends this year’s rally. The high-range close sets the stage for a steady to higher opening on Monday. 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 the rally off this month’s low, weekly resistance crossing at 10338 is the next upside target. Closes below the 20-day moving average crossing at 9554 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 9854. Second resistance is weekly resistance crossing at 10338. First support is the 10-day moving average crossing at 9643. Second support is the 20-day moving average crossing at 9554.
