Market Commentary

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U.S. STOCK INDEXES

The Dow closed higher on Friday and tested key resistance marked by the 50-day moving average crossing at 33,130.05 as it extends the rally of March's low. Today's high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Down extends the rally off March's low, March's high crossing at 33,572.22 is the next upside target. Closes below the 20-day moving average crossing at 32,396.13 would signal that a short-term top has likely been posted. First resistance is the 50-day moving average crossing at 33,130.05. Second resistance is March's high 33,572.22. First support is the 20-day moving average crossing at 32,396.13. Second support is the 50% retracement level of the October-December rally crossing at 31,682.20.

The June NASDAQ 100 closed higher on Friday as it rallied to a new high for the year. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling sideways to higher prices are possible. If June extends this month's rally, the 62% retracement level of the 2022-decline crossing at 13,634.24 is the next upside target. Closes below the 20-day moving average crossing at 12,609.96 would signal that a short-term top has been posted. First resistance is today's high crossing at 13,252.25. Second resistance is the 62% retracement level of the 2022-decline crossing at 13,634.24. First support is the 20-day moving average crossing at 12,609.96. Second support is the 50-day moving average crossing at 12,483.09.

The June S&P 500 closed higher on Friday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Monday's day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. Today's rally saw June close above March's high crossing at 4119.50. If June extends the rally off March's low, the February 14th high crossing at 4223.00 is the next upside target. Closes below the 20-day moving average crossing at 3997.25 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4121.75. Second resistance is the February 14th high crossing at 4223.00. First support is the 20-day moving average crossing at 3997.24. Second support is March's low crossing at 3839.25.