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The Dow gapped down and closed sharply lower on Wednesday after President Donald Trump warned that a very tough two weeks lies ahead for the country in face of a rapidly spreading COVID-19 pandemic. The low-range close that sets the stage for a steady to lower opening when Thursday'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 the 10-day moving average crossing at 20,917.29 would temper the near-term friendly outlook. Closes above last-Thursday's high crossing at 22,595.06 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 22,595.06. Second resistance is the March 12th gap crossing at 23,328.32. First support is the 10-day moving average crossing at 20,917.29. Second support is March's low crossing at 18,213.65. Third support is the November-2016 low crossing at 17,883.56.

The June NASDAQ 100 closed sharply lower on Wednesday as it consolidates some of the rally off March's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above Tuesday's high crossing at 7995.00 are needed to confirm that a short-term low has been posted. If June resumes the decline off February's high the January-2019 low on the weekly continuation chart crossing at 6616.75 is the next downside target. First resistance is the 50% retracement level of the February-March-decline crossing at 8208.09. Second resistance is the 50-day moving average crossing at 8584.55. First support is last-Thursday's low crossing at 7310.25. Second support is March's low crossing at 6628.75.

The June S&P 500 closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 2561.76 would confirm that a short-term low has been posted. If March resumes the decline off February's high, the 50% retracement level of the 2009-2020-rally crossing at 2028.01 is the next downside target. First resistance is the 20-day moving average crossing at 2561.76. Second resistance is the 50% retracement level of the February-March-decline crossing at 2780.02. First support is the 10-day moving average crossing at 2455.30. Second support is March's low crossing at 2174.90. Third support is the 50% retracement level of the 2009-2020-rally crossing at 2028.01.