Here's Your Market Index Numbers For Wednesday Trading

The S&P 500 index was lower due to profit taking overnight but remains above the 10-day moving average. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible near term.

Closes below the 20 day moving average crossing at 1129.60 are needed to confirm that a short term top has been posted. If March renews this winter's rally, the 62% retracement level of the 2007-2008-decline crossing at 1155.15 is the next upside target.

SP 500 pivot point for Wednesday is 1145.48

First resistance is last 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 20 day moving average crossing at 1129.60
Second support is the reaction low crossing at 1110.00

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The NASDAQ 100 was lower due to profit taking overnight while extending month's trading range. Stochastics and the RSI remain bearish signaling that this month's trading range appears to be a correction more of time than price.

However, closes below last Tuesday's low crossing at 1850.00 would confirm that a short term top has been posted while opening the door for a larger degree decline in price. If March renews 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 last 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 Thursday's low crossing at 1854.75
Second support is last Tuesday's low crossing at 1850.00

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Gold was lower overnight as it consolidates below broken support marked by the 10 day moving average crossing at 1136.80. Stochastics and the RSI are bearish signaling that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 1119.10 would confirm that a short term top has been posted. If February renews the rally off December's low, the reaction high crossing at 1170.20 is the next upside target.

First resistance is last Monday's high crossing at 1163.00
Second resistance is the reaction high crossing at 1170.20

First support is the 20 day moving average crossing at 1119.10
Second support is the reaction low crossing at 1086.60

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The U.S. Dollar was overnight and trading above the 20 day moving average crossing at 77.78. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 77.78 would confirm that a short term low has been posted while opening the door for a test of December's high crossing at 78.77. If March renews the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target.

First resistance is the overnight high crossing at 78.26
Second resistance is December's high crossing at 78.77

First support is Tuesday's low crossing at 77.09
Second support is last Wednesday's low crossing at 76.74

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