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The December NASDAQ 100 was higher overnight as it consolidated some of Wednesday's decline. The mid-range overnight trade sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 8229.66 would confirm that a short-term top has been posted. If December extends this year's rally into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 8379.00. Second resistance is unknown. First support is the 20-day moving average crossing at 8229.66. Second support is the 50-day moving average crossing at 7989.34.

The December S&P 500 was slightly higher overnight. The high-range overnight trade sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3084.06 are needed to confirm that a short-term top has been posted. If December extends the rally off October's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 3132.00. Second resistance is unknown. First support is the 20-day moving average crossing at 3084.06. Second support is the 50-day moving average crossing at 3018.20.