Monday Morning Index Commentary

The September NASDAQ 100 was higher overnight after Greece and its creditors agreed on the need to strengthen policy efforts to support growth. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, the May 4th gap crossing at 2686.50 is the next upside target. Closes below the 20-day moving average crossing at 2602.66 would signal that a short-term top has been posted. First resistance is the overnight high crossing at 2684.75. Second resistance is the May 4th gap crossing at 2686.50. First support is the 20-day moving average crossing at 2602.66. Second support is the reaction low crossing at 2516.75.

The September S&P 500 index was higher overnight as it extends the rally off June's low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, May's high crossing at 1395.50 is the next upside target. Closes below the 20-day moving average crossing at 1358.45 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1392.00. Second resistance is May's high crossing at 1395.50. First support is the 20-day moving average crossing at 1358.45. Second support is the reaction low crossing at 1321.30.

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3 thoughts on “Monday Morning Index Commentary

  1. EWI will be eating CROW again if the market takes off to the upside. It will be the third time they were wrong about a market crash. Something I keep in the back of my mind is that this is a election year and anything can happen but most of the time it has been a higher probability of the market going up into election time so we shall see what we shall see. These daily blue triangles have been awsome in the range bound market .

  2. One more gap to fill for the S&P's index so it looks like continued upside if it blows past it. Any other thoughts? Open gap from 2007 at 1,478 on the S&P's and the Yearly R2 is at 1,530. Could there be more possible upside from here? I will also look for the Monthly triangle to change.

  3. NASDAQ & S&P are clearly on track to test new highs. Once S&P gets abvove 1400, sideline money will pour in due to psychology of "losing out". It may be grossly ridiculous, but you have to adapt to your surroundings.
    It has been a long painful ride for your monthly red triangles.

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