December S&P closed down 0.8 at 1062.7. This was 6.2 up from the low and 7.8 off the high. December S&P E-Mini finished down 0.75 at 1062.75, 8.75 off the high and 6.5 up from the low.
December Dow finished up 14 at 9739, 46 off the high and 54 up from the low.
Technical Outlook
S&P 500 (DEC) 09/18/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The close above the 9-day moving average is a positive short-term indicator for trend. The daily closing price reversal down puts the market on the defensive. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside objective is at 1077.25. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1070.00 and 1077.25, while 1st support hits today at 1056.00 and below there at 1049.25.
S&P E-MINI (DEC) 09/18/2009: 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. The downside closing price reversal on the daily chart is somewhat negative. The market has a slightly positive tilt with the close over the swing pivot. The near-term upside target is at 1078.56. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1070.37 and 1078.56, while 1st support hits today at 1055.13 and below there at 1048.07.
NASDAQ (DEC) 09/18/2009: 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. The close over the pivot swing is a somewhat positive setup. The near-term upside objective is at 1739.75. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1729.50 and 1739.75, while 1st support hits today at 1710.50 and below there at 1701.75.
DOW (DEC) 09/18/2009: The market made a new contract high on the rally. 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. The daily closing price reversal down is a negative indicator for prices. The close over the pivot swing is a somewhat positive setup. The near-term upside objective is at 9797. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 9748 and 9797, while 1st support hits today at 9682 and below there at 9664.
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