S&P 500
2762.59
-11.16 -0.40%
Dow Indu
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65.12
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Weak

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The September NASDAQ 100 closed lower on Tuesday after President Donald Trump threatened to slap up to $400 billion more in tariffs on China goods, the latest escalation in a trade dispute that has been unsettling investors for months. The high-range close sets the stage for a steady to higher opening when Wednesday's night 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 September extends the rally off April's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7137.46 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 7321.00. Second resistance is unknown. First support is the 20-day moving average crossing at 7137.41. Second support is the 50-day moving average crossing at 6927.65.

The September S&P 500 closed lower on Tuesday however, a short-covering rally in the afternoon session tempered early losses and the high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2755.59 would confirm that a short-term top has been posted. If September resumes the rally off May's low, March's high crossing at 2796.30 is the next upside target. First resistance is last Wednesday's high crossing at 2795.50. Second resistance is March's high crossing at 2796.30. First support is the 20-day moving average crossing at 2755.59. Second support is the 50-day moving average crossing at 2713.12.

The Dow gapped down and closed lower on Tuesday as it extends the decline off June's high. A short covering rally in the afternoon session tempered early-session losses and the high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 24,647.44 would open the door for a possible test of the late-May low crossing at 24,247.84 is the next downside target. Closes above the 10-day moving average crossing at 25,149.92 would confirm that a short-term low has been posted. First resistance is today's gap crossing at 24,825.77. Second resistance is the 10-day moving average crossing at 25,149.92. First support is the 50-day moving average crossing at 24,647.57. Second support is the late-May's low crossing at 24,247.84.

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