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The December NASDAQ 100 was lower overnight as it consolidates some of the rally of October”s low. Overnight weakness sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remains neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, September's high crossing at 15,702.25 is the next up side target. Closes below the 20-day moving average crossing at 14,949.59 would signal that a short-term top has been posted. First resistance is Thursday's high crossing at 15,483.75. Second resistance is September's high crossing at 15,702.25. First support the 50-day moving average crossing at 15,178.36. Second resistance is the 20-day moving average crossing at 14,949.59.
The December S&P 500 was steady to slightly higher overnight as it extends the rally off October's low. Overnight strength sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off October's low, September's high crossing at 4539.50 is the next upside target. Closes below the 20-day moving average crossing at 4402.98 would signal that a double top has been posted. First resistance is the overnight high crossing at 4544.50. Second resistance is weekly resistance crossing at 4549.50. First support is the 10-day moving average crossing at 4454.02. Second support is the 20-day moving average crossing at 4403.01.