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The March NASDAQ 100 closed lower on Thursday as it extends the trading range of the past four-days. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are overbought and 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 6943.71 are needed to confirm that a short-term top has been posted. If March extends the rally off December's low, December's high crossing at 7169.00 is the next upside target. First resistance is December's high crossing at 7169.00. Second resistance is the 75% retracement level of the October-December-decline crossing at 7280.27. First support is the 20-day moving average crossing at 6943.71. Second support is the 50-day moving average crossing at 6675.89.

The March S&P 500 closed lower on Thursday due to profit taking. The low-range close sets the stage for a steady to lower opening when Friday'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 March extends the rally off December's low, the 87% retracement level of the September-December-decline crossing at 2865.28 is the next upside target. Closes below the 20-day moving average crossing at 2723.86 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the September-December-decline crossing at 2789.62. Second resistance is the 87% retracement level of the September-December-decline crossing at 2865.28. First support is the 20-day moving average crossing at 2723.86. Second support is the 50-day moving average crossing at 2624.06.

The Dow closed lower due to profit taking on Thursday as it consolidates some of the rally off December's low. 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 the rally off December's low, the 87% retracement level of the October-December-decline crossing at 26,271.97 is the next upside target. Closes below the 20-day moving average crossing at 25,242.37 would confirm that a short-term top has been posted. First resistance is December's high crossing at 25,980.21. Second resistance is the 87% retracement level of the October-December-decline crossing at 26,271.97. First support is the 20-day moving average crossing at 25,242.37. Second support is the 50-day moving average crossing at 24,317.29.

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