The S&P 500 was higher due to short covering overnight as it consolidates some of last Thursday's decline. Stochastics and the RSI are turning bearish hinting that a short term top might be in or is near.
However, closes below the 20 day moving average crossing at 1107.19 are needed to confirm that a short term top has been posted. If March extends last year's rally, the 62% retracement level of the 2007-2008 decline crossing at 1155.15 is the next upside target.
Monday's pivot point, our line in the sand is 1119.18
First resistance is last Tuesday's high crossing at 1128.20
Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 1155.15
First support is last Thursday's low crossing at 1110.00
Second support is the 20 day moving average crossing at 1107.19
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The NASDAQ 100 was higher overnight as it extends last week's trading range. Stochastics and the RSI are overbought but are neutral signaling that sideways to higher prices are possible near term. If March extends last year'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. Closes below the 20 day moving average crossing at 1823.27 would confirm that a short term top has been posted.
First resistance is last Thursday's high crossing at 1882.00
Second resistance is the 75% retracement level of the 2007-2008 decline on the weekly continuation chart crossing at 1947.00
First support is the 10 day moving average crossing at 1855.62
Second support is the 20 day moving average crossing at 1823.27
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The U.S. Dollar was lower overnight and is trading below initial support marked by the 10 day moving average crossing at 78.21. Stochastics and the RSI have turned bearish hinting that a short term top might be in or is near.
Closes below the 20 day moving average crossing at 77.52 are needed to confirm that a short term top has been posted. If March renews last month's rally, the 38% retracement level of the 2008-2009 decline crossing at 79.72 is the next upside target.
First resistance is the reaction high crossing at 78.77
Second resistance is the 38% retracement level of the 2008-2009 decline crossing at 79.72
First support is last Tuesday's low crossing at 77.67
Second support is the 20 day moving average crossing at 77.52
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