The S&P 500 was higher overnight as it extends this winter'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 1118.48 are needed to confirm that a short term top has been posted.
Monday's pivot point, our line in the sand is 1142.20
First resistance is the overnight 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 1129.69.
Second support is the 20 day moving average crossing at 1118.48.
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The NASDAQ 100 was higher overnight as it extends this winter'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 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 1848.52 would confirm that a short term top has been posted. First resistance is the overnight 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 1848.52.
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The U.S. Dollar was sharply lower overnight confirming last Friday's key reversal down. 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 77.84
Second resistance is last Friday's high crossing at 78.43
First support is the overnight low crossing at 77.03
Second support is the 50% retracement level of the November-December rally crossing at 76.66
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