The S&P 500 closed lower on Wednesday and below the 10 day moving average crossing at 1138.36. The mid range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near term. Closes below the 20 day moving average crossing at 1129.08 are needed to confirm that a short term top has been posted. If March resumes 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 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 today's low crossing at 1125.30. Second support is the reaction low crossing at 1110.00.
The NASDAQ 100 closed lower on Wednesday and below the 20 day moving average crossing at 1870.77. The mid range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Closes below last Tuesday's low crossing at 1850.0 are needed to confirm that a short term top has been posted. 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 crossing at 1947.00. First support is last Tuesday's low crossing at 1850.00. Second support is today's low crossing at 1845.50.
The Dow closed lower on Wednesday as tightening credit in China; changes in the U.S. political landscape and lackluster earnings lead to today's sharp sell off. The mid range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near term. If the Dow extends this week's decline, the reaction low crossing at 11423 is the next downside target. First resistance is Tuesday's high crossing at 10721. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 11249. First support is today's low crossing at 10,517. Second support is the reaction low crossing at 10,423.
The U.S. Dollar closed sharply higher on Wednesday and above the 20 day moving average crossing at 77.79 confirming that a low has been posted. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If March extends this week's rally, December's high crossing at 78.77 is the next upside target. Closes below the 10 day moving average crossing at 77.48 would confirm that a short term top has been posted. First resistance is today's high crossing at 78.64. Second resistance is December's high crossing at 78.77. First support is the 20 day moving average crossing at 77.79. Second support is Tuesday's low crossing at 77.09.
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