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The Dow posted a key reversal down and closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday's day 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 the rally off October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 37,778.18 would confirm that a short-term top has been posted. First resistance is today's high crossing at 38,588.86. Second resistance is unknown. First support is the 20-day moving average crossing at 37,778.18. Second support is the January 18th low crossing at 37,122.95.
The March NASDAQ 100 closed lower for the second day in a row on Wednesday while posting a downside breakout of the trading range of the previous five-days. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the rally off October's low into uncharted territory, upside target will be hard to project. Closes below the 20-day moving average crossing at 17,158.20 would signal that a short-term top has been posted. First resistance is last-Wednesday's high crossing at 17,793.50. Second resistance is unknown. First support is the 20-day moving average crossing at 17,158.05. Second support is the 50-day moving average crossing at 16,792.18.
The March S&P 500 was lower on Wednesday. The low-range close sets the stage for a steady to slightly higher opening when Thursday'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 March extends the rally off October's low, the next projected upside target is around 4981.00. Closes below the 20-day moving average crossing at 4841.71 would signal that a short-term top has been posted. First resistance is Tuesday's high crossing at 4957.25. Second resistance is projected around 4981.00. First support is the 10-day moving average crossing at 4900.75. Second support is the 20-day moving average crossing at 4841.71.