Can The Bulls Show us Some Follow Through on Wednesday, Can They Show us the Money!

The S&P 500 closed lower due to profit taking on Tuesday as it consolidated some of 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 turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 1119.71 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. 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 today's low crossing at 1127.80. Second support is the 20 day moving average crossing at 1119.71.

The NASDAQ 100 closed lower due to profit taking on Tuesday and below the 10 day moving average crossing at 1876.75 signaling that a short term top has been posted. The mid range close sets the stage for a steady to lower opening on Wednesday. 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 1851.18 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 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 the 20 day moving average crossing at 1851.18. Second support is today's low crossing at 1850.00.

The Dow closed lower due to profit taking on Tuesday as concerns over tightening credit by the Chinese could delay our economic recovery. The mid range close sets the stage for a steady to lower opening on Wednesday. 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 10508 are needed to confirm that a short term top has been posted. First resistance is Monday'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 10,573. Second support is the 20 day moving average crossing at 10,508.

The U.S. Dollar closed slightly higher on Tuesday as it consolidated some of Monday's decline. The mid range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term. If March extends Monday'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 10 day moving average crossing at 77.81. Second resistance is last Friday's high crossing at 78.44. First support is today's low crossing at 76.89. Second support is the 50% retracement level of the November-December rally crossing at 76.66.

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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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Markets Remain Overbought, is This the Near Term Top?

The S&P 500 closed sharply higher on Monday as it renewed December's rally. The high range close sets the stage for a steady to higher opening on Tuesday. However, stochastics and the RSI are overbought and 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 1107.74 are needed to confirm that a short term top has been posted. If March extends last month's rally, the 62% retracement level of the 2007-2008 decline crossing at 1155.15 is the next upside target. First resistance is today'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 1107.74.

The NASDAQ 100 closed higher on Monday as it renewed December's rally. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought but are turning neutral 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 1823.60 are needed to confirm that a short term top has been posted. First resistance is today's high crossing at 1889.00. 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 1856.25. Second support is the 20 day moving average crossing at 1823.60.

The Dow closed sharply higher on Monday as it extends last year's rally. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought and 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 10442 are needed to confirm that a short term top has been posted. If the Dow extends today'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 10604. Second resistance is the 62% retracement level of the 2007-2008 decline crossing at 11249. First support is last Thursday's low crossing at 10,423. Second support is the reaction low crossing at 10,263.

Gold closed higher due to weakness in the Dollar and strength in a number of other outside markets on Monday. Today's rally also led to a close above the 20 day moving average crossing at 1117.00 confirming that a short term low has been posted. The high range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near term. If February renews the decline off December's high, the 38% retracement level of this year's rally crossing at 1032.60 is the next downside target. First resistance is today's high crossing at 1124.60. Second resistance is the reaction high crossing at 1142.90. First support is last Wednesday's low crossing at 1086.60. Second support is December's low crossing at 1075.20.

The U.S. Dollar closed sharply lower on Monday and below the 10 day moving average crossing at 78.21 signaling that a short term top has likely been posted. The low range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are neutral to 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 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 77.57. Second support is the 20 day moving average crossing at 77.52.

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Market Moves Higher as Indexes Test Key Fibonacci Levels

The S&P 500 was higher overnight as it extends last week's rally and posted a new high for the year. 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 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 1104.96 are needed to confirm that a short term top has been posted.

Tuesday's pivot point, our line in the sand is 1127.22

First resistance is the overnight high crossing at 1128.20.
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 1111.20.
Second support is the 20 day moving average crossing at 1104.96.

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The NASDAQ 100 was higher overnight as it extends the Santa Claus 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 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 1810.77 are needed to confirm that a short term top has been posted.

First resistance is Monday's high crossing at 1881.50
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 1832.92
Second support is the 20 day moving average crossing at 1810.77

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New Video: Gold.....Game On!

In our previous gold video, we were right in terms of gold making a low around the first of October.

The gold market finally moved into new high ground and confirmed that a major up move is now underway. In this new short video on gold, we scope out some upside target levels and also some time frames where we see gold heading.

At the end of my new video on gold I’m offering a special bonus to everyone who views the video. I believe the bonus will allow you to become a better trader and catch this move in gold.

Just Click Here to watch the new video!

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 it with your friends and leave a comment to let our readers know where you think gold is headed.

How High Will or Can The S&P Go?

With the S&P 500 making new highs and as world equity markets following suit, the question becomes how high can we go?

In this short video on the S&P 500, we outline some mathematical upside target zones that we am looking at for this market.

You can watch this video with our compliments and there is no registration requirements. We would love to get your feedback so please feel free to leave a comment and let our readers know how high you think the S&P can go.

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