The S&P 500 closed higher on Wednesday and the high range close sets the stage for a steady to higher opening on Thursday. However, stochastics and the RSI are overbought 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 1121.50 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. 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 Tuesday's low crossing at 1127.80. Second support is the 20 day moving average crossing at 1121.50.
The NASDAQ 100 closed sharply higher on Wednesday and above the 10 day moving average crossing at 1878.65 as it consolidated some of this week's decline. The high range close sets the stage for a steady to higher opening on Thursday. 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 1855.36 are needed to 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 crossing at 1947.00. First support is the 20 day moving average crossing at 1855.36. Second support is Tuesday's low crossing at 1850.00.
The Dow closed higher on Wednesday as it extends this winter's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term. If the Dow extends this winter's rally, the 62% retracement level of the 2007-2008 decline crossing at 11249 is the next upside target. Closes below the 20 day moving average crossing at 10519 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 10687. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 11249. First support is the 10 day moving average crossing at 10,590. Second support is the 20 day moving average crossing at 10,519.
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