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INO.com’s Daily Market Analysis
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U.S. STOCK INDEXES https://quotes.ino.com/exchanges/?c=indexes
The Dow closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday'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 this month's rally, February's high crossing at 29,568.57 is the next upside target. Closes below the 50-day moving average crossing at 26,497.68 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the February-March-decline crossing at 28,090.26. Second resistance is February's high crossing at 29,568.57. First support is the 20-day moving average crossing at 27,034.66. Second support is the 50-day moving average crossing at 26,497.73.
The September NASDAQ 100 closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. If September extends the rally off March's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 10,922.00 would confirm that a short-term top has been posted while opening the door for additional weakness and a possible test of the 50-day moving average crossing at 10,488.95. First resistance is last-Friday's high crossing at 11,283.25. Second resistance is unknown. First support is the 20-day moving average crossing at 10,922.00. Second support is the 50-day moving average crossing at 10,488.95.
The September S&P 500 closed steady to slightly lower on Friday. The mid-range close sets the stage for a steady to lower opening when Monday'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 September extends the rally off June's low, February's high crossing at 3387.60 is the next upside target. Closes below the 20-day moving average crossing at 3289.07 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3387.12. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3289.07. Second support is the 50-day moving average crossing at 3189.87.