December S&P closed up 19.1 at 1065. This was 17 up from the low and -1 off the high. December S&P E-Mini finished up 17.75 at 1063.75, 0.25 off the high and 19.25 up from the low.
December Dow finished up 117 at 9720, 20 off the high and 100 up from the low.
Technical Outlook
S&P 500 (DEC) 09/17/2009: 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. The market's close above the 2nd swing resistance number is a bullish indication. The next upside objective is 1078.79. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1073.89 and 1078.79, while 1st support hits today at 1054.30 and below there at 1039.60.
S&P E-MINI (DEC) 09/17/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. There could be more upside follow through since the market closed above the 2nd swing resistance. The near-term upside target is at 1078.50. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1073.50 and 1078.50, while 1st support hits today at 1054.00 and below there at 1039.50.
NASDAQ (DEC) 09/17/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The close above the 9-day moving average is a positive short-term indicator for trend. There could be more upside follow through since the market closed above the 2nd swing resistance. The next upside objective is 1744.06. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1733.37 and 1744.06, while 1st support hits today at 1702.63 and below there at 1682.57.
DOW (DEC) 09/17/2009: The rally brought the market to a new contract high. Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's short-term trend is positive on the close above the 9-day moving average. The gap upmove on the day session chart is a bullish indicator for trend. There could be more upside follow through since the market closed above the 2nd swing resistance. The near-term upside objective is at 9713. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 9698 and 9713, while 1st support hits today at 9636 and below there at 9590.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment