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The March NASDAQ 100 closed higher on Wednesday as it extends the rally off October'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends last-year's rally, upside targets will be hard to project. Closes below the 20-day moving average crossing at 8939.33 would temper the near-term friendly outlook. First resistance is today's high crossing at 9254.00. Second resistance is unknown. First support is the 20-day moving average crossing at 8939.33. Second support is the 50-day moving average crossing at 8620.85.
The March S&P 500 closed slightly higher on Wednesday as it extends the rally off October'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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If March extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3266.04 would confirm that a short-term top has been posted. First resistance is today's high crossing at 3334.30. Second resistance is unknown. First support is the 20-day moving average crossing at 3266.04. Second support is the 50-day moving average crossing at 3189.21.
The Dow posted an inside day with a slightly lower close 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 28,827.79 are needed to confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 29,373.62. Second resistance is unknown. First support is the 20-day moving average crossing at 28,827.79. Second support is the 50-day moving average crossing at 28,304.00.
