Markets Open Higher, CIT Announces Private Deal

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

If September extends the rally, June's high crossing at 952.50 is the next upside target. Closes below the 10 day moving average crossing at 904.71 would temper the near term friendly outlook in the market.

Day traders are looking for bullish set ups taking us past the -23% level of 945 and sellers will step in at the expected resistance at 957 double top area.

Monday's pivot point, our line in the sand is 935.50

First resistance is the overnight high crossing at 944.70
Second resistance is June's high crossing at 952.50

First support is the 20 day moving average crossing at 905.19
Second support is the 10 day moving average crossing at 904.71

The September S&P 500 Index was up 7.10 points at 944.00 as of 6:06 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.

Today’s Stock Market Club Trading Triangles


The NASDAQ 100 was higher overnight as it extends last Friday's rally above June's high crossing at 1516.00. Stochastics and the RSI remains bullish signaling that sideways to higher prices are possible near term.

The breakout above June's high has opened the door for a possible test of the 62% retracement level of last summer's decline crossing at 1635.44 is the next upside target. Closes below the 20 day moving average crossing at 1459.76 would temper the near term friendly outlook in the market.

First resistance is the overnight high crossing at 1539.25
Second resistance is the 62% retracement level at 1635.44

First support is the 20 day moving average crossing at 1459.76
Second support is last Wednesday's gap crossing at 1453.25

The September NASDAQ 100 was up 6.50 points at 1534.50 as of 6:05 AM CST. Overnight action sets the stage for a higher opening by June NASDAQ 100 when the day session begins later this morning.

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