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The Dow gapped down and closed sharply lower on Tuesday as a selloff for mega-cap, tech-related stocks were in part blamed on inflation fears spilled over into other sectors. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the April-20th low crossing at 33,687.01 would signal that a short-term top has been posted. If the Dow extends the rally off January's low into uncharted territory, upside targets hard to project. First resistance is Monday's high crossing at 35,091.56. Second resistance is unknown. First support is the April-20th low crossing at 33,687.01. Second support is the 50-day moving average crossing at 33,274.00.
The June NASDAQ 100 closed lower on Tuesday and below the 50-day moving average crossing at 13,363.17 has opened the door for a larger-degree decline near-term. A short covering rally tempered early-session losses and the high-range close sets the stage for a steady to slightly lower 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. If June extends this week's decline, the March 25th low crossing at 12,609.75 is the next downside target. Closes above the 20-day moving average crossing at 13,779.60 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 13,779.60. Second resistance is the April 16th high crossing at 14,059.50. First support is today's low crossing at 13,065.25. Second support is the March 25th low crossing at 12,609.75.
The June S&P 500 closed lower on Tuesday due to profit taking as it consolidated some of this year's rally. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last-Tuesday's low crossing at 4120.50 would signal that a short-term top has been posted. If June resumes the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is Monday's high crossing at 4238.25. Second resistance is unknown. First support is last-Tuesday's low crossing at 4120.50. Second support is the 50-day moving average crossing at 4036.66.