December S&P closed up 9.4 at 1037.5. This was 14.3 up from the low and 1.8 off
the high. December S&P E-Mini finished up 9.25 at 1037.25, 2.25 off the high and
14.25 up from the low.
December Dow finished up 61 at 9540, 30 off the high and 92 up from the low.
Technical Outlook
S&P 500 (DEC) 09/11/2009: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's close above the 9-day moving average suggests the short-term trend remains positive. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next upside objective is 1050.47. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1045.55 and 1050.47, while 1st support hits today at 1029.45 and below
there at 1018.28.
S&P E-MINI (DEC) 09/11/2009: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. Momentum studies are trending higher but have entered overbought levels. The market's short-term trend is positive on the close above the 9-day moving average. With the close over the 1st swing resistance number, the market is in a moderately positive position. The near-term upside target is at 1050.75. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1045.50 and 1050.75, while 1st support hits today at 1029.00 and below there at 1017.75.
NASDAQ (DEC) 09/11/2009: Rising stochastics at overbought levels warrant some caution for bulls. The market's close above the 9-day moving average suggests the short-term trend remains positive. Market positioning is positive with the close over the 1st swing resistance. The next upside objective is 1701.25. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1694.50 and 1701.25, while 1st support hits today at 1671.50 and below there at 1655.25.
DOW (DEC) 09/11/2009: A new contract high was made on the rally. The downside crossover of the 9 and 18 bar moving average is a negative signal. Momentum studies are trending higher but have entered overbought levels. The market's short-term trend is positive on the close above the 9-day moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside objective is 9559. The next area of resistance is around 9521 and 9559,while 1st support hits today at 9449 and below there at 9416.
the high. December S&P E-Mini finished up 9.25 at 1037.25, 2.25 off the high and
14.25 up from the low.
December Dow finished up 61 at 9540, 30 off the high and 92 up from the low.
Technical Outlook
S&P 500 (DEC) 09/11/2009: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's close above the 9-day moving average suggests the short-term trend remains positive. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next upside objective is 1050.47. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1045.55 and 1050.47, while 1st support hits today at 1029.45 and below
there at 1018.28.
S&P E-MINI (DEC) 09/11/2009: The moving average crossover down (9 below 18) indicates a possible developing short-term downtrend. Momentum studies are trending higher but have entered overbought levels. The market's short-term trend is positive on the close above the 9-day moving average. With the close over the 1st swing resistance number, the market is in a moderately positive position. The near-term upside target is at 1050.75. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1045.50 and 1050.75, while 1st support hits today at 1029.00 and below there at 1017.75.
NASDAQ (DEC) 09/11/2009: Rising stochastics at overbought levels warrant some caution for bulls. The market's close above the 9-day moving average suggests the short-term trend remains positive. Market positioning is positive with the close over the 1st swing resistance. The next upside objective is 1701.25. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1694.50 and 1701.25, while 1st support hits today at 1671.50 and below there at 1655.25.
DOW (DEC) 09/11/2009: A new contract high was made on the rally. The downside crossover of the 9 and 18 bar moving average is a negative signal. Momentum studies are trending higher but have entered overbought levels. The market's short-term trend is positive on the close above the 9-day moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside objective is 9559. The next area of resistance is around 9521 and 9559,while 1st support hits today at 9449 and below there at 9416.
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