Analysis

The June NASDAQ 100 closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday'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 June extends the rally off December's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 7633.14 would confirm that a short-term top has been posted. First resistance is today's high crossing at 7879.50. Second resistance is unknown. First support is the 20-day moving average crossing at 7633.14. Second support is the 50-day moving average crossing at 7381.10.

The June S&P 500 closed slightly lower on Thursday. The mid-range close sets the stage for a steady to lower opening when Friday'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 June extends the rally off December's low, last-September's high crossing at 2957.90 is the next upside target. Closes below the 20-day moving average crossing at 2894.45 would confirm that a short-term top has been posted. First resistance is Wednesday's high crossing at 2939.00. Second resistance is last-September's high crossing at 2957.90. First support is the 20-day moving low crossing at 2894.45. Second support is the 50-day moving average crossing at 2837.27.

The Dow closed lower on Thursday. The mid-range close sets the stage for a steady opening when Friday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 25,992.37 would confirm that a short-term top has been posted. If the Dow extends the rally off March's low, last-October's high crossing at 26,951.81 is the next upside target. First resistance is Tuesday's high crossing at 26,695.96. Second resistance is last-October 2018 high crossing at 26,951.81. First support is the 20-day moving average crossing at 26,322.11. Second support is the 50-day moving average crossing at 25,992.37.