The S&P 500 closed higher on Friday as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but remain neutral to 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 1115.81 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 1139.40. 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 1126.84. Second support is the 20 day moving average crossing at 1115.81.
The NASDAQ 100 closed higher on Friday ending a three day correction. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but are neutral signaling that additional gains are possible near term. 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. Closes below the 20 day moving average crossing at 1843.52 are needed to confirm that a short term top has been posted. 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 1865.00. Second support is the 20 day moving average crossing at 1843.52.
The Dow closed higher on Friday and is testing the upper boundary of this winter's up trending channel crossing near. 10,622. The high range close sets the stage for a steady to higher opening on Tuesday. 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 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 10489 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 10619. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 11249. First support is Thursday's low crossing at 10,505. Second support is last Thursday's low crossing at 10,423.
The U.S. Dollar posted a key reversal down on Friday and closed below the 20 day moving average crossing at 77.81. The low range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. Closes below Tuesday's low crossing at 77.39 would open the door for a larger degree correction during the first half of January. If March renews the rally off November's low, 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 today's low crossing at 77.55. Second support is Tuesday's low crossing at 77.39.
Gold closed higher on Friday as it extended this week's rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term. If February extends this week's rally, the reaction high crossing at 1142.90 is the next upside target. Closes below the reaction low crossing at 1086.60 would confirm that a short term top has been posted. First resistance is Wednesday's high crossing at 1141.00. Second resistance is the reaction high crossing at 1142.90. First support is the 20 day moving average crossing at 1113.40. Second support is last Wednesday's low crossing at 1086.60.
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