Friday Closes Flat to Top Off Strong Week For The Bulls

The S&P 500 closed slightly lower on Friday as it consolidated some of this week's rally. The mid range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, June's high crossing at 952.50 is the next upside target. Closes below the 10 day moving average crossing at 899.77 would confirm that a short term top has been posted.

First resistance is Thursday's high crossing at 940.50
Second resistance is June's high crossing at 952.50

First support is Wednesday's gap crossing at 903.90
Second support is the 20 day moving average crossing at 902.37

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The Dow closed higher on Friday as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If the Dow extends this week's rally, June's high crossing at 8877 is the next upside target. Closes below the 10 day moving average crossing at 8374 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 8754
Second resistance is June's high crossing at 8877

First support is the 20 day moving average crossing at 8396
Second support is the 10 day moving average crossing at 8374

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The NASDAQ closed higher on Friday and tested the 50% retracement level of last summer's decline crossing at 1522.75 as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally above June's high, the 62% retracement level of last summer's decline crossing at 1635.44 is the next upside target. Closes below the 10 day moving average crossing at 1450.87 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at 1525.75
Second resistance is the 62% retracement level at 1635.44

First support is the 20 day moving average crossing at 1454.23
Second support is Wednesday's gap crossing at 1453.25

Traders Take Profits Overnight, Signals Show Higher Prices Possible

The S&P 500 was slightly lower due to light profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

Day traders will trade cautiously today with this being Options Expiration Friday. Most traders will be hesitant and volume should be low.

If September extends this week's rally, June's high crossing at 952.50 is the next upside target. Closes below the 10 day moving average crossing at 899.63 would temper the near term friendly outlook in the market.

Friday's pivot point, our line in the sand is 933.25

First resistance is Thursday's high crossing at 940.50
Second resistance is June's high crossing at 952.50

First support is the 20 day moving average crossing at 902.30
Second support is the 10 day moving average crossing at 899.63

The September S&P 500 Index was down 1.00 points at 937.70 as of 6:02 AM CST. Overnight action sets the stage for a steady to lower opening by the September S&P 500 index when the day session begins later this morning.

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The NASDAQ was slightly higher overnight as it extends this week's rally and is challenging resistance marked by June's high crossing at 1516.00. Stochastics and the RSI remains bullish signaling that sideways to higher prices are possible near term.

Closes above June's high would open the door for a possible test of the 50% retracement level of last summer's decline crossing at 1522.75 is the next upside target. Closes below the 10 day moving average crossing at 1449.92 would temper the near term friendly outlook in the market.

First resistance is Thursday's high crossing at 1520.25.
Second resistance is the 50% retracement level at 1522.75.

First support is the 20 day moving average crossing at 1453.76.
Second support is the 10 day moving average crossing at 1449.92.

The September NASDAQ 100 was up 1.75 points at 1514.50 as of 6:00 AM CST. Overnight action sets the stage for a steady to higher opening by June NASDAQ 100 when the day session begins later this morning.

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Markets Move Higher, Stochastics and RSI Remain Bullish

The S&P 500 closed higher on Thursday as it extended this week's rally. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, June's high crossing at 952.50 is the next upside target. Closes below the 10 day moving average crossing at 895.53 would confirm that a short term top has been posted.

First resistance is today's high crossing at 936.60
Second resistance is June's high crossing at 952.50

First support is Wednesday's gap crossing at 903.90
Second support is the 20 day moving average crossing at 901.41

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The Dow closed sharply higher on Thursday as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If the Dow extends this week's rally, June's high crossing at 8877 is the next upside target. Closes below the 10 day moving average crossing at 8327 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 8698
Second resistance is June's high crossing at 8877

First support is the 20 day moving average crossing at 8386
Second support is the 10 day moving average crossing at 8327

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The NASDAQ closed higher on Thursday and spiked above June's high crossing at 1516.00 as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally above June's high, the 50% retracement level of last summer's decline crossing at 1522.75 is the next upside target. Closes below the 10 day moving average crossing at 1443.12 would temper the near-term friendly outlook in the market.

First resistance is today's high crossing at 1516.50.
Second resistance is the 50% retracement level at 1522.75

First support is Wednesday's gap crossing at 1453.25
Second support is the 20 day moving average crossing at 1451.32

Bulls Trying To Shrug Off Bad News For Thursdays Trading

The S&P 500 index was higher overnight as it extends this week's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term.

Day traders appear to be looking for bullish moves into 928.50, then 934.75, the 23% retracement level. If the bulls lose their will and we get below the pivot point, more importantly below 919.50 look for a sharp move into the 902 range.

If September extends this week's rally, June's high crossing at 952.50 is the next upside target. Closes below the 10 day moving average crossing at 894.76 would temper the near term friendly outlook in the market.

Thursday's pivot point, our line in the sand is 921.50

First resistance is Wednesday's high crossing at 931.00
Second resistance is June's high crossing at 952.50

First support is the 20 day moving average crossing at 900.99
Second support is the 10 day moving average crossing at 894.76

The September S&P 500 Index was up 1.20 points at 928.40 as of 6:04 AM CST. Overnight action sets the stage for a higher opening by the September S&P 500 index when the day session begins later this morning.

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The NASDAQ was steady to slightly lower due to light profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI remains bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, June's high crossing at 1516.00 is the next upside target. Closes below the 10 day moving average crossing at 1441.40 would temper the near term friendly outlook in the market.

First resistance is Wednesday's high crossing at 1499.50
Second resistance is June's high crossing at 1516.00

First support is the 20 day moving average crossing at 1450.42
Second support is the 10 day moving average crossing at 1441.40

The September NASDAQ 100 was down 0.50 points at 1496.75 as of 6:01 AM CST. Overnight action sets the stage for a steady to lower opening by June NASDAQ 100 when the day session begins later this morning.

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Market's Gap Up, Extend This Weeks Rally

The S&P 500 gapped up and closed higher on Wednesday as it extended this week's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, June's high crossing at 952.50 is the next upside target. Closes below the 10 day moving average crossing at 891.38 would confirm that a short term top has been posted.

First resistance is today's high crossing at 928.50
Second resistance is June's high crossing at 952.50

First support is today's gap crossing at 903.90
Second support is the 20 day moving average crossing at 900.31

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The NASDAQ gapped up and closed above the previous reaction high crossing at 1496.25 on Wednesday as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

If September extends this week's rally, June's high crossing at 1516.00 is the next upside target. Closes below the 10 day moving average crossing at 1436.25 would temper the near term friendly outlook in the market.

First resistance is today's high crossing at 1498.75
Second resistance is June's high crossing at 1516.00

First support is today's gap crossing at 1453.25
Second support is the 20 day moving average crossing at 1448.07

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