The S&P 500 was higher overnight as it extends last week's rally and posted a new high for the year. 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 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 1104.96 are needed to confirm that a short term top has been posted.
Tuesday's pivot point, our line in the sand is 1127.22
First resistance is the overnight high crossing at 1128.20.
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 1111.20.
Second support is the 20 day moving average crossing at 1104.96.
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The NASDAQ 100 was higher overnight as it extends the Santa Claus 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 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 1810.77 are needed to confirm that a short term top has been posted.
First resistance is Monday's high crossing at 1881.50
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 1832.92
Second support is the 20 day moving average crossing at 1810.77
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