The September NASDAQ 100 closed sharply lower on Thursday as it extended the decline off this month's high. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last week's high, June's low crossing at 2418.25 is the next downside target. Closes above the 10-day moving average crossing at 2564.62 would temper the near-term bearish outlook. Closes above last week's high crossing at 2628.25 are needed to renew this month's rally. First resistance is this month's high crossing at 2628.25. Second resistance is the reaction high crossing at 2639.75. First support is today's low crossing at 2503.50. Second support is this month's low crossing at 2418.25.
The September S&P 500 index closed lower on Thursday ending a two-day short covering bounce. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off this month's high, the reaction low crossing at 1298.00 is the next downside target. If September renews this month's rally, May's high crossing at 1395.50 is the next upside target. First resistance is last week's high crossing at 1356.80. Second resistance is May's high crossing at 1395.50. First support is the reaction low crossing at 1298.00. Second support is this month's low crossing at 1259.70.
The Dow closed sharply lower on Thursday following today's ruling on health care and at the same time ended a two-day short covering bounce. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If the Dow extends the decline off this month's high, the reaction low crossing at 12,398 is the next downside target. Closes above the 10-day moving average crossing at 12,651 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 12,651. Second resistance is this month's high crossing at 12,898. First support is today's low crossing at 12,450. Second support is the reaction low crossing at 12,398.
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