The S&P 500 closed higher on Thursday as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near term. If March extends this week's rally, the 62% retracement level of the 2007-2008 decline crossing at 1155.15 is the next upside target. Closes below the 20 day moving average crossing at 1113.39 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 1135.80. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 1155.15. First support is the 10 day moving average crossing at 1124.44. Second support is the 20 day moving average crossing at 1113.38.
The NASDAQ 100 closed lower on Thursday and below the 10 day moving average crossing at 1872.45 signaling that a short term top has likely been posted. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought and are neutral hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1838.35 are needed to confirm that a short term top has been posted. If March extends last month'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 Wednesday's high crossing at 1891.75. Second resistance is the 75% retracement level of the 2007-2008 decline crossing at 1947.00. First support is today's low crossing at 1865.75. Second support is the 20 day moving average crossing at 1838.35.
The Dow closed higher on Thursday and the high range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but are bullish signaling that sideways to higher prices are possible near term. If the Dow extends this week'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 10474 are needed to confirm that a short term top has been posted. First resistance is Monday's high crossing at 10604. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 11249. First support is today's low crossing at 10,505. Second support is last Thursday's low crossing at 10,423.
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1 comment:
Nice Thursday's report, very are awaiting for Saturday evening report
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