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Tuesday, January 5, 2010

Markets Signals Appear to be Turning Neutral


The S&P 500 index was slightly higher overnight as it extends Monday's rally. Stochastics and the RSI are turning neutral signaling that sideways to higher prices are possible near term. If March extends last year's rally, the 62% retracement level of the 2007-2008 decline crossing at 1155.15 is the next upside target. Closes below the 20 day moving average crossing at 1109.02 are needed to confirm that a short term top has been posted. Tuesday's pivot point is 1127.81. First resistance is Monday's high crossing at 1129.80. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 1155.15. First support is last Thursday's low crossing at 1110.00. Second support is the 20 day moving average crossing at 1109.02.

The NASDAQ 100 was slightly lower overnight as it consolidates some of Monday's rally. Stochastics and the RSI are overbought but remain neutral signaling that sideways to higher prices are possible near term. If March extends last year's rally, the 75% retracement level of the 2007-2008 decline on the weekly continuation chart crossing at 1947.00 is the next upside target. Closes below the 20 day moving average crossing at 1828.30 would confirm that a short term top has been posted. First resistance is Monday's high crossing at 1889.00. Second resistance is the 75% retracement level of the 2007-2008 decline on the weekly continuation chart crossing at 1947.00. First support is the 10 day moving average crossing at 1864.22. Second support is the 20 day moving average crossing at 1828.30.

The U.S. Dollar was slightly lower overnight as it extends Monday's decline below initial support marked by the 10 day moving average crossing at 78.18. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 77.60 are needed to confirm that a short term top has been posted. If March renews last month's rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target. First resistance is the 10 day moving average crossing at 78.18. Second resistance is the reaction high crossing at 78.77. First support is the 20 day moving average crossing at 77.60. Second support is the overnight low crossing at 77.39.

Gold was higher overnight as it extends Monday's close above the 20 day moving average crossing at 1114.70. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If February extends this week's rally, the reaction high crossing at 1142.90 is the next upside target. Closes below the reaction low crossing at 1086.60 would confirm that a short term top has been posted. First resistance is the overnight high crossing at 1128.40. Second resistance is the reaction high crossing at 1142.90. First support is the 20 day moving average crossing at 1114.60. Second support is the 10 day moving average crossing at 1101.70.

Today’s Stock Market Club Trading Triangles

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