Markets Continue to Slide, Bears Enjoy The Near Term Advantage

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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Here's Your Market Index Numbers For Wednesday Trading

The S&P 500 index was lower due to profit taking overnight but remains above the 10-day moving average. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible near term.

Closes below the 20 day moving average crossing at 1129.60 are needed to confirm that a short term top has been posted. If March renews this winter's rally, the 62% retracement level of the 2007-2008-decline crossing at 1155.15 is the next upside target.

SP 500 pivot point for Wednesday is 1145.48

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 1129.60
Second support is the reaction low crossing at 1110.00

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The NASDAQ 100 was lower due to profit taking overnight while extending month's trading range. Stochastics and the RSI remain bearish signaling that this month's trading range appears to be a correction more of time than price.

However, closes below last Tuesday's low crossing at 1850.00 would confirm that a short term top has been posted while opening the door for a larger degree decline in price. 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 on the weekly continuation chart crossing at 1947.00.

First support is last Thursday's low crossing at 1854.75
Second support is last Tuesday's low crossing at 1850.00

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Gold was lower overnight as it consolidates below broken support marked by the 10 day moving average crossing at 1136.80. Stochastics and the RSI are bearish signaling that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 1119.10 would confirm that a short term top has been posted. If February renews the rally off December's low, the reaction high crossing at 1170.20 is the next upside target.

First resistance is last Monday's high crossing at 1163.00
Second resistance is the reaction high crossing at 1170.20

First support is the 20 day moving average crossing at 1119.10
Second support is the reaction low crossing at 1086.60

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The U.S. Dollar was overnight and trading above the 20 day moving average crossing at 77.78. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term.

Closes above the 20 day moving average crossing at 77.78 would confirm that a short term low has been posted while opening the door for a test of December's high crossing at 78.77. If March renews the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target.

First resistance is the overnight high crossing at 78.26
Second resistance is December's high crossing at 78.77

First support is Tuesday's low crossing at 77.09
Second support is last Wednesday's low crossing at 76.74

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Markets Rally on Positive Earnings and Election Numbers

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

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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

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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

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Do The Bulls Have The Near Term Advantage? Here's Fridays Numbers

The March S&P 500 index was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are diverging but are turning neutral to bullish hinting that additional short term gains are possible near term.

If March extends this winter'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 1125.37 are needed to confirm that a short term top has been posted.

Friday's pivot point, our line in the sand is 1147.56

First resistance is 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 10 day moving average crossing at 1137.86
Second support is the 20 day moving average crossing at 1125.37

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The NASDAQ 100 was lower overnight as it consolidates some of this week's rally. Stochastics and the RSI are neutral to bearish hinting that a short term top might be in or is near. Closes below Tuesday's low crossing at 1850.00 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 Monday's high crossing at 1900.00
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 20 day moving average crossing at 1864.08
Second support is Tuesday's low crossing at 1850.00

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The U.S. Dollar was higher due to short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI are oversold and are turning neutral hinting that a short term low might be in or is near.

Closes above the 20 day moving average crossing at 77.85 are needed to confirm that a short term low has been posted. If March extends the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target.

First resistance is the 10 day moving average crossing at 77.46
Second resistance is the 20 day moving average crossing at 77.85

First support is Wednesday's low crossing at 76.74
Second support is the 50% retracement level of the November-December rally crossing at 76.66

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Markets Struggle Against Tide of Retail and Unemployment Numbers

The S&P 500 was slightly lower due to profit taking overnight as it consolidates some of Wednesday's rally. 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 1123.34 are needed to confirm that a short term top has been posted. If March extends this winter's rally, the 62% retracement level of the 2007-2008 decline crossing at 1155.15 is the next upside target.

Thursday's pivot point, our line in the sand is 1142.42

First resistance is 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 10 day moving average crossing at 1134.30
Second support is the 20 day moving average crossing at 1123.34

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The NASDAQ 100 was slightly lower overnight as it consolidates some of Wednesday's rally. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1859.63 would 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 Monday's high crossing at 1900.00
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 20 day moving average crossing at 1859.63
Second support is Tuesday's low crossing at 1850.00

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The U.S. Dollar was higher due to short covering overnight as it consolidates some of this week's decline. Stochastics and the RSI are oversold but remain bearish signaling that additional weakness is possible near term.

If March extends the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target. Closes above the 20 day moving average crossing at 77.86 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 77.56
Second resistance is the 20 day moving average crossing at 77.86

First support is Wednesday's low crossing at 76.74
Second support is the 50% retracement level of the November December rally crossing at 76.66

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Bulls Struggle Against Bearish Stochastic/RSI Signals

The S&P 500 was slightly higher due to short covering overnight as it consolidates some of Tuesday's decline. 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 1121.14 are needed to confirm that a short term top has been posted.

If March extends this winter's rally, the 62% retracement level of the 2007-2008 decline crossing at 1155.15 is the next upside target.

Wednesday's pivot point, our line in the sand is 1137.27

First resistance is 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 10 day moving average crossing at 1131.71
Second support is the 20 day moving average crossing at 1121.14

Double Tops and Pivot Points Explained

The NASDAQ 100 was steady to slightly higher overnight as it consolidates some of Tuesday's decline. However, 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 1854.50 would 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 Monday's high crossing at 1900.00
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 20 day moving average crossing at 1854.50
Second support is Tuesday's low crossing at 1850.00

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The U.S. Dollar was lower overnight as it extends this week's decline. Stochastics and the RSI remain bearish signaling that additional weakness is possible near term. If March extends the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target. Closes above the 20 day moving average crossing at 77.87 are needed to confirm that a short term low has been posted.

First resistance is the 10 day moving average crossing at 77.68
Second resistance is the 20 day moving average crossing at 77.87

First support is the overnight low crossing at 76.86
Second support is the 50% retracement level of the November-December rally crossing at 76.66

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Alcoa Numbers Put Pressure on Market Outlook

The S&P 500 was lower due to profit taking overnight as it consolidates some of this winter's rally. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 1119.90 are needed to confirm that a short term top has been posted. If March extends this winter's rally, the 62% retracement level of the 2007-2008 decline crossing at 1155.15 is the next upside target.

Tuesday's pivot point, our line in the sand is 1146.25

First resistance is 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 10 day moving average crossing at 1130.54
Second support is the 20 day moving average crossing at 1119.90

Finding the Trend in the Foreign Exchange Markets

The NASDAQ 100 was lower due to profit taking overnight as it consolidates some of this winter's rally. Stochastics and the RSI are overbought, diverging and are turning bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 1851.81 would confirm that a short term top has been posted. If March extends 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 Monday's high crossing at 1900.00
Second resistance is the 75% retracement level of the 2007-2008 decline on the weekly continuation chart crossing at 1947.00

First support is last Friday's low crossing at 1865.00
Second support is the 20 day moving average crossing at 1851.81

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The U.S. Dollar was higher due to short covering overnight as it consolidated some of Monday's decline. Stochastics and the RSI remain bearish signaling that additional weakness is possible near term.

If March extends the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target. Closes above last Friday's high crossing at 78.43 are needed to confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 77.87
Second resistance is last Friday's high crossing at 78.43

First support is Monday's low crossing at 76.95
Second support is the 50% retracement level of the November-December rally crossing at 76.66

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Early Session Profit Taking Cools The Winter Rally

The S&P 500 closed higher on Monday as it extended this winter's rally. Profit taking tempered early session gains and the mid range close sets the stage for a steady 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 March extends this winter'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 1118.21 are needed to confirm that a short term top has been posted. First resistance is today'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 10 day moving average crossing at 1129.16. Second support is the 20 day moving average crossing at 1118.21.

The NASDAQ 100 closed lower due to profit taking on Monday and the low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought, diverging but are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1847.61 are needed to confirm that a short term top has been posted. If March extends 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 today'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 1865.00. Second support is the 20 day moving average crossing at 1847.61.

The Dow closed higher on Monday and above the upper boundary of this winter's up trending channel crossing near, 10,627. 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 winter'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 10501 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 10655. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 11249. First support is the 10 day moving average crossing at 10,566. Second support is the 20 day moving average crossing at 10,501.

The U.S. Dollar closed sharply lower on Monday confirming last Friday's key reversal down. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If March extends today's decline, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target. Closes above last Friday's high crossing at 78.44 would confirm that a short term low has been posted. First resistance is the 20 day moving average crossing at 77.85. Second resistance is the 10 day moving average crossing at 77.89. First support is today's low crossing at 76.95. Second support is the 50% retracement level of the November- December rally crossing at 76.66.



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Chinese Import Data Push Markets Higher

The S&P 500 was higher overnight as it extends this winter's rally. 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 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 1118.48 are needed to confirm that a short term top has been posted.

Monday's pivot point, our line in the sand is 1142.20

First resistance is the overnight 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 10 day moving average crossing at 1129.69.
Second support is the 20 day moving average crossing at 1118.48.

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The NASDAQ 100 was higher overnight as it extends this winter's rally. 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 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 1848.52 would confirm that a short term top has been posted. First resistance is the overnight high crossing at 1900.00. Second resistance is the 75% retracement level of the 2007-2008 decline on the weekly continuation chart crossing at 1947.00. First support is last Friday's low crossing at 1865.00. Second support is the 20 day moving average crossing at 1848.52.

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The U.S. Dollar was sharply lower overnight confirming last Friday's key reversal down. Stochastics and the RSI remain bearish signaling that additional weakness is possible near term.

If March extends the decline off December's high, the 50% retracement level of the November-December rally crossing at 76.66 is the next downside target. Closes above last Friday's high crossing at 78.43 are needed to confirm that a short term low has been posted.

First resistance is the 20 day moving average crossing at 77.84
Second resistance is last Friday's high crossing at 78.43

First support is the overnight low crossing at 77.03
Second support is the 50% retracement level of the November-December rally crossing at 76.66

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Traders Shrug Off Employment Numbers, End Week on a Positive Note

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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Traders Looking to Digest Worse Then Expected Job Numbers

The S&P 500 was higher overnight as it extends this week's rally. 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 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 1115.88 are needed to confirm that a short term top has been posted. First resistance is the overnight 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 1126.98. Second support is the 20 day moving average crossing at 1115.88.

The NASDAQ 100 was higher overnight as it consolidates some of this week's decline. Stochastics and the RSI are overbought but remain neutral to bullish 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 1843.11 would 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 on the weekly continuation chart crossing at 1947.00. First support is the 10 day moving average crossing at 1875.82. Second support is the 20 day moving average crossing at 1843.11.

The U.S. Dollar was higher as it extends Thursday's rally. However, stochastics and the RSI remain neutral to bearish hinting that additional weakness is still possible near term. Closes below Tuesday's low crossing at 77.39 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 overnight high crossing at 78.32. Second resistance is the reaction high crossing at 78.77. First support is the 20 day moving average crossing at 77.84. Second support is Tuesday's low crossing at 77.39.

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Wallstreet Bulls Shrug Off Overbought Conditions Extending Rally

The S&P 500 closed higher on Wednesday as it extends this week's rally. The high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are 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 1110.98 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 1135.00. 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 1122.49. Second support is the 20 day moving average crossing at 1110.98.

The NASDAQ 100 closed lower due to profit taking on Wednesday as it consolidated some of Monday's rally. The low range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices 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 1833.30 are needed to confirm that a short term top has been posted. First resistance is today'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 the 10 day moving average crossing at 1869.80. Second support is the 20 day moving average crossing at 1833.30.

The Dow closed higher on Wednesday and the high range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but have turned bullish again signaling that sideways to higher prices are possible near term. If the Dow extends Monday'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 10460 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 the 10 day moving average crossing at 10,525. Second support is last Thursday's low crossing at 10,423.

The U.S. Dollar closed lower on Wednesday and below the 20 day moving average crossing at 77.68. The low 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 Tuesday's low crossing at 77.39 are needed confirm that a short term top has been posted. 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 77.59. Second support is Tuesday's low crossing at 77.39.

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Profit Taking Slows the New Year Rally, Signals Remain Neutral to Bullish

The S&P 500 was lower due to profit taking overnight as it consolidates some of this week's rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

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. Closes below the 20 day moving average crossing at 1110.69 are needed to confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at 1132.80
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 1121.91
Second support is the 20 day moving average crossing at 1110.69

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The NASDAQ 100 was lower due to profit taking overnight as it consolidates some of Monday's rally. Stochastics and the RSI are overbought but remain neutral to bullish 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 1833.35 would confirm that a short term top has been posted.

First resistance is Tuesday's high crossing at 1890.25
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 1869.92
Second support is the 20 day moving average crossing at 1833.35

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The March Dollar was higher due to short covering overnight but remains below initial support marked by the 10 day moving average crossing at 78.13. Stochastics and the RSI are bearish hinting that a short term top might be in or is near.

Closes below the 20 day moving average crossing at 77.69 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 10 day moving average crossing at 78.13
Second resistance is the reaction high crossing at 78.77

First support is the 20 day moving average crossing at 77.69
Second support is Tuesday's low crossing at 77.39

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Markets Signals Appear to be Turning Neutral

The S&P 500 index was slightly higher overnight as it extends Monday's rally. Stochastics and the RSI are turning neutral signaling that sideways to higher prices are possible near term. 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. Closes below the 20 day moving average crossing at 1109.02 are needed to confirm that a short term top has been posted. Tuesday's pivot point is 1127.81. First resistance is Monday's high crossing at 1129.80. 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 1109.02.

The NASDAQ 100 was slightly lower overnight as it consolidates some of Monday's rally. Stochastics and the RSI are overbought but remain 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 1828.30 would confirm that a short term top has been posted. First resistance is Monday's high crossing at 1889.00. 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 1864.22. Second support is the 20 day moving average crossing at 1828.30.

The U.S. Dollar was slightly lower overnight as it extends Monday's decline below initial support marked by the 10 day moving average crossing at 78.18. Stochastics and the RSI are bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 77.60 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 10 day moving average crossing at 78.18. Second resistance is the reaction high crossing at 78.77. First support is the 20 day moving average crossing at 77.60. Second support is the overnight low crossing at 77.39.

Gold was higher overnight as it extends Monday's close above the 20 day moving average crossing at 1114.70. 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 the overnight high crossing at 1128.40. Second resistance is the reaction high crossing at 1142.90. First support is the 20 day moving average crossing at 1114.60. Second support is the 10 day moving average crossing at 1101.70.

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Pivot, Support and Resistance Numbers For Monday Morning

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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Has the Dollar Bottomed Out?

We have made a number of videos on the dollar index and in our latest video we show you some of the aspects we outlined in our previous video that have come to pass.

The positive divergences on the MACD indicator which we discussed last time have kicked in and pushed the dollar index higher. Longer term major trend for the dollar index continues to be negative. In this short video you’ll see what the market is doing now and what we expect it to do in the future.

Just click here to watch the video and as always our videos are free to watch and there is no need to register. Please take a minute to leave a comment and let us know what you think of the video and the direction of the dollar.

Good trading,
Ray C. Parrish
President/CEO Stock Market Club


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New Video: A Look at the Dollar Index

The markets are always interesting, but they are particularly interesting right now.

Today we’re looking at the dollar index and some important elements that we see building in this market and want to bring to your attention. In this short video we outline the key areas to watch for and one important component that you may not have seen. We think this factor could, in fact, be a short term game changer for this market.

Just click here to watch the video and as always our MarketClub videos are free to watch and there is no need to register. Please take a moment to let our readers know where you think the U.S. Dollar is headed.

Good trading,
Ray C. Parrish
President/CEO SMC

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Here is Some Potential Mega Trades For Q4

It seems to me that we are at an inflection point in the economy. The government has blown pretty much all of its money and the economic recovery and the economy is still sputtering along. No surprise there.

So what’s going to happen? We believe that we’ll have another economic downturn which is going to push the dollar to new lows, push gold to new highs, and push the equity markets back down to their March lows.

Yes, I know it’s a scary scenario but that’s what could potentially happen. We are just looking for one or two more pieces to fall into place and then we could see the unfolding of a very dramatic set of economic conditions here in the United States.

This new video looks at gold, the dollar, and the S&P 500. I believe if you’re interested in your economic future you need to watch this video.

Just Click Here to watch the video, and as always our videos are free to view and do not require any registration. If you think this is an important video, I strongly suggest you share with your friends and comment about it on our blog.

New Video: The Dollar Makes a Major Low in Q4.......of 2011!

The dollar will hit a major low in Q4 of 2011. Watch this short video and see how we came up with this bold forecast.

The move is already underway and the lows are in place, however, it is not too late to get into this market and take advantage of what we believe will be a major move to the upside for the euro.

There is no need to register to watch this video and you can watch it with our compliments.

Just Click Here to watch the video!

If you enjoy the video, which I am sure you will find eye opening, please feel free to leave a comment and share your feelings regarding the US dollar.

New Video: Exploring the Dollar Index

While the US dollar was supposed to lose ground against its counter parties, the market has remained surprisingly stubborn and trapped in a sideways trading range.

In today’s video I will explore what’s going on, and where I think this market is headed in the future.

You can watch this video with my compliments and there is no registration requirements.

Please feel free to leave us a comment on what you think about the video and where the dollar is headed.


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