December S&P closed down 1.6 at 1061.2. This was 2.2 up from the low and 5.8 off the high. December S&P E-Mini finished down 1.75 at 1061, 6.75 off the high and 5 up from the low.
December Dow finished down 2 at 9735, 48 off the high and equal to the low.
Technical Outlook
S&P 500 (DEC) 09/21/2009: 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. It is a slightly negative indicator that the close was lower than the pivot swing number. The near-term upside objective is at 1072.09. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1066.39 and 1072.09, while 1st support hits today at 1055.60 and below there at 1050.50.
S&P E-MINI (DEC) 09/21/2009: 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 slightly negative indicator that the close was lower than the pivot swing number. The next upside objective is 1073.18. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1066.87 and 1073.18, while 1st support hits today at 1055.13 and below there at 1049.69.
NASDAQ (DEC) 09/21/2009: 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. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside objective is at 1739.43. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1730.12 and 1739.43, while 1st support hits today at 1712.38 and below there at 1703.94.
DOW (DEC) 09/21/2009: 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 daily closing price reversal up on the daily chart is somewhat positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside objective is 9831. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 9810 and 9831, while 1st support hits today at 9726 and below there at 9664.
December Dow finished down 2 at 9735, 48 off the high and equal to the low.
Technical Outlook
S&P 500 (DEC) 09/21/2009: 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. It is a slightly negative indicator that the close was lower than the pivot swing number. The near-term upside objective is at 1072.09. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 1066.39 and 1072.09, while 1st support hits today at 1055.60 and below there at 1050.50.
S&P E-MINI (DEC) 09/21/2009: 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 slightly negative indicator that the close was lower than the pivot swing number. The next upside objective is 1073.18. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1066.87 and 1073.18, while 1st support hits today at 1055.13 and below there at 1049.69.
NASDAQ (DEC) 09/21/2009: 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. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside objective is at 1739.43. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1730.12 and 1739.43, while 1st support hits today at 1712.38 and below there at 1703.94.
DOW (DEC) 09/21/2009: 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 daily closing price reversal up on the daily chart is somewhat positive. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside objective is 9831. The market is approaching overbought levels with an RSI over 70. The next area of resistance is around 9810 and 9831, while 1st support hits today at 9726 and below there at 9664.
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