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The March NASDAQ 100 was sharply higher due to short covering overnight as it consolidates some of the decline off January's high. Overnight trading sets the stage for a sharply higher opening when the day session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 10-day moving average crossing at 14,955.60 would signal that a short-term low has been posted. If March extends the decline off December's high, the 75% retracement level of 2021's rally crossing at 13,386.58 is the next downside target. First resistance is the 10-day moving average crossing at 14,955.60. Second resistance is the 20-day moving average crossing at 15,505.27. First support is Monday's low crossing at 13,706.00. Second support is the 75% retracement level of 2021's rally crossing at 13,386.58.

The March S&P 500 was sharply higher due to short covering overnight as it consolidates some of the decline off January's high. Overnight trading sets the stage for a sharply higher opening when the day session begins trading later this morning. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 10-day moving average crossing at 4514.90 would signal that a short-term low has been posted. If March extends the decline off January's high the 50% retracement level of the 2020-2022 rally crossing at 4199.38 is the next downside target. First resistance is the 10-day moving average crossing at 4514.90. Second resistance is the 20-day moving average crossing at 4622.56. First support is the 50% retracement level of the 2020-2022 rally crossing at 4199.38. Second support is the June 2021 low crossing at 4129.00.