December S&P closed up 7.4 at 1028.1. This was 9.1 up from the low and 3.9 off the high. December S&P E-Mini finished up 7.25 at 1028, 3.75 off the high and 13.25 up from the low.
December Dow finished up 42 at 9479, 31 off the high and 49 up from the low.
Technical Outlook
S&P 500 (DEC) 09/10/2009: Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The market's close above the 9-day moving average suggests the short-term trend remains positive. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The next upside target is 1039.80. The next area of resistance is around 1034.59 and 1039.80, while 1st support hits today at 1021.60 and below there at 1013.80.
S&P E-MINI (DEC) 09/10/2009: Positive momentum studies in the neutral zone will tend to reinforce higher price action. The close above the 9-day moving average is a positive short-term indicator for trend. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next upside target is 1042.62. The next area of resistance is around 1036.50 and 1042.62, while 1st support hits today at 1019.50 and below there at 1008.63.
NASDAQ (DEC) 09/10/2009: Momentum studies are trending higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term indicator for trend. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The near-term upside target is at 1687.37. The next area of resistance is around 1676.25 and 1687.37, while 1st support hits today at 1651.75 and below there at 1638.38.
DOW (DEC) 09/10/2009: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The close above the 9-day moving average is a positive short-term indicator for trend. It is a slightly negative indicator that the close was lower than the pivot swing number. The near-term upside objective is at 9477. The next area of resistance is around 9451 and 9477, while 1st support hits today at 9395 and below there at 9365.
December Dow finished up 42 at 9479, 31 off the high and 49 up from the low.
Technical Outlook
S&P 500 (DEC) 09/10/2009: Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The market's close above the 9-day moving average suggests the short-term trend remains positive. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The next upside target is 1039.80. The next area of resistance is around 1034.59 and 1039.80, while 1st support hits today at 1021.60 and below there at 1013.80.
S&P E-MINI (DEC) 09/10/2009: Positive momentum studies in the neutral zone will tend to reinforce higher price action. The close above the 9-day moving average is a positive short-term indicator for trend. With the close over the 1st swing resistance number, the market is in a moderately positive position. The next upside target is 1042.62. The next area of resistance is around 1036.50 and 1042.62, while 1st support hits today at 1019.50 and below there at 1008.63.
NASDAQ (DEC) 09/10/2009: Momentum studies are trending higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term indicator for trend. Since the close was above the 2nd swing resistance number, the market's posture is bullish and could see more upside follow-through early in the session. The near-term upside target is at 1687.37. The next area of resistance is around 1676.25 and 1687.37, while 1st support hits today at 1651.75 and below there at 1638.38.
DOW (DEC) 09/10/2009: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. The close above the 9-day moving average is a positive short-term indicator for trend. It is a slightly negative indicator that the close was lower than the pivot swing number. The near-term upside objective is at 9477. The next area of resistance is around 9451 and 9477, while 1st support hits today at 9395 and below there at 9365.
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