The S&P 500 was lower due to profit taking overnight as it consolidates some of this winter's rally. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 1119.90 are needed to confirm that a short term top has been posted. If March extends this winter's rally, the 62% retracement level of the 2007-2008 decline crossing at 1155.15 is the next upside target.
Tuesday's pivot point, our line in the sand is 1146.25
First resistance is Monday's high crossing at 1147.90
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 1130.54
Second support is the 20 day moving average crossing at 1119.90
Finding the Trend in the Foreign Exchange Markets
The NASDAQ 100 was lower due to profit taking overnight as it consolidates some of this winter's rally. Stochastics and the RSI are overbought, diverging and are turning bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 1851.81 would confirm that a short term top has been posted. If March extends this winter'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.
First resistance is Monday's high crossing at 1900.00
Second resistance is the 75% retracement level of the 2007-2008 decline on the weekly continuation chart crossing at 1947.00
First support is last Friday's low crossing at 1865.00
Second support is the 20 day moving average crossing at 1851.81
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The U.S. Dollar was higher due to short covering overnight as it consolidated some of Monday's decline. Stochastics and the RSI remain bearish signaling that additional weakness is possible near term.
If March extends the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target. Closes above last Friday's high crossing at 78.43 are needed to confirm that a short term low has been posted.
First resistance is the 20 day moving average crossing at 77.87
Second resistance is last Friday's high crossing at 78.43
First support is Monday's low crossing at 76.95
Second support is the 50% retracement level of the November-December rally crossing at 76.66
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