The S&P 500 closed sharply higher on Tuesday and above the 10 day moving average crossing at 1138.41. The high range close sets the stage for a steady to higher opening on Wednesday. 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 1127.38 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 the 20 day moving average crossing at 1127.37
Second support is today's low crossing at 1126.40
Check out the new "Trend TV"
The NASDAQ 100 closed sharply higher on Tuesday and the high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish despite today's rally 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 Friday's low crossing at 1854.75
Second support is last Tuesday's low crossing at 1850.00
Today’s Stock Market Club Trading Triangles
The Dow closed sharply higher on Tuesday as it extends this winter's rally. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought and are bearish signaling that at the very least the Dow is vulnerable to a pause or correction in this winter's rally.
Closes below the 20 day moving average crossing at 10561 are needed to confirm that a short term top has been posted. 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.
First resistance is today's high crossing at 10721
Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 11249
First support is last Friday's low crossing at 10,561
Second support is the 20 day moving average crossing at 10,561
Get 10 Trading Lessons FREE
Share
No comments:
Post a Comment