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Friday, January 8, 2010

Traders Looking to Digest Worse Then Expected Job Numbers


The S&P 500 was higher overnight as it extends this week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If March extends this 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 1115.88 are needed to confirm that a short term top has been posted. First resistance is the overnight high crossing at 1139.40. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 1155.15. First support is the 10 day moving average crossing at 1126.98. Second support is the 20 day moving average crossing at 1115.88.

The NASDAQ 100 was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI are overbought but remain neutral to bullish 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 1843.11 would confirm that a short term top has been posted. First resistance is Wednesday's high crossing at 1891.75. 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 1875.82. Second support is the 20 day moving average crossing at 1843.11.

The U.S. Dollar was higher as it extends Thursday's rally. However, stochastics and the RSI remain neutral to bearish hinting that additional weakness is still possible near term. Closes below Tuesday's low crossing at 77.39 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 overnight high crossing at 78.32. Second resistance is the reaction high crossing at 78.77. First support is the 20 day moving average crossing at 77.84. Second support is Tuesday's low crossing at 77.39.

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