December S&P closed up 2.3 at 1045.8. This was 7.2 up from the low and 6.1 off the high. December S&P E-Mini finished up 2.75 at 1046.25, 5.75 off the high and 8 up from the low.
December Dow finished up 50 at 9600, 55 off the high and 75 up from the low.
Technical Outlook
S&P 500 (DEC) 09/16/2009: 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. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside objective is at 1058.92. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1052.65 and 1058.92, while 1st support hits today at 1039.35 and below there at 1032.33.
S&P E-MINI (DEC) 09/16/2009: 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 objective is 1059.43. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1053.12 and 1059.43, while 1st support hits today at 1039.38 and below there at 1031.94.
NASDAQ (DEC) 09/16/2009: 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. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 1714.81. With a reading over 70, the 9-day RSI is approaching overbought levels.The next area of resistance is around 1705.87 and 1714.81, while 1st support hits today at 1684.13 and below there at 1671.32.
DOW (DEC) 09/16/2009: The market rallied to a new contract high. Rising stochastics at overbought levels warrant some caution for bulls. 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 9633. The next area of resistance is around 9605 and 9633, while 1st support hits today at 9535 and below there at 9492.
December Dow finished up 50 at 9600, 55 off the high and 75 up from the low.
Technical Outlook
S&P 500 (DEC) 09/16/2009: 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. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside objective is at 1058.92. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1052.65 and 1058.92, while 1st support hits today at 1039.35 and below there at 1032.33.
S&P E-MINI (DEC) 09/16/2009: 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 objective is 1059.43. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1053.12 and 1059.43, while 1st support hits today at 1039.38 and below there at 1031.94.
NASDAQ (DEC) 09/16/2009: 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. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 1714.81. With a reading over 70, the 9-day RSI is approaching overbought levels.The next area of resistance is around 1705.87 and 1714.81, while 1st support hits today at 1684.13 and below there at 1671.32.
DOW (DEC) 09/16/2009: The market rallied to a new contract high. Rising stochastics at overbought levels warrant some caution for bulls. 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 9633. The next area of resistance is around 9605 and 9633, while 1st support hits today at 9535 and below there at 9492.
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