December S&P closed up 0.1 at 1037.5. This was 4 up from the low and 6 off the high. December S&P E-Mini finished unchanged at 1037.5, 6.25 off the high and 4 up from the low.
December Dow finished down 9 at 9535, 45 off the high and 25 up from the low.
Technical Outlook
S&P 500 (DEC) 09/14/2009: Rising stochastics at overbought levels warrant some caution for bulls. The close above the 9-day moving average is a positive short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The near-term upside target is at 1047.80. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1042.09 and 1047.80, while 1st support hits today at 1032.10 and below there at 1027.80.
S&P E-MINI (DEC) 09/14/2009: Momentum studies are trending higher but have entered overbought levels. The market's close above the 9-day moving average suggests the short-term trend remains positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside target is 1048.31. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1042.62 and 1048.31, while 1st support hits today at 1032.38 and below there at 1027.82.
NASDAQ (DEC) 09/14/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's short-term trend is positive on the close above the 9-day moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside objective is at 1697.50. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1691.00 and 1697.50, while 1st support hits today at 1675.00 and below there at 1665.50.
DOW (DEC) 09/14/2009: A new contract high was made on the rally. Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. A positive signal for trend short-term was given on a close over the 9-bar moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 9597. The next area of resistance is around 9583 and 9597, while 1st support hits today at 9543 and below there at 9516.
December Dow finished down 9 at 9535, 45 off the high and 25 up from the low.
Technical Outlook
S&P 500 (DEC) 09/14/2009: Rising stochastics at overbought levels warrant some caution for bulls. The close above the 9-day moving average is a positive short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The near-term upside target is at 1047.80. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1042.09 and 1047.80, while 1st support hits today at 1032.10 and below there at 1027.80.
S&P E-MINI (DEC) 09/14/2009: Momentum studies are trending higher but have entered overbought levels. The market's close above the 9-day moving average suggests the short-term trend remains positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside target is 1048.31. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1042.62 and 1048.31, while 1st support hits today at 1032.38 and below there at 1027.82.
NASDAQ (DEC) 09/14/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's short-term trend is positive on the close above the 9-day moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside objective is at 1697.50. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1691.00 and 1697.50, while 1st support hits today at 1675.00 and below there at 1665.50.
DOW (DEC) 09/14/2009: A new contract high was made on the rally. Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. A positive signal for trend short-term was given on a close over the 9-bar moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 9597. The next area of resistance is around 9583 and 9597, while 1st support hits today at 9543 and below there at 9516.
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