December S&P closed up 7 at 1067.4. This was 5.9 up from the low and 1.8 off the high. December S&P E-Mini finished up 7 at 1067.5, 1.75 off the high and 8 up from the low.
December Dow finished up 55 at 9773, 7 off the high and 58 up from the low.
Technical Outlook
S&P 500 (DEC) 09/23/2009: 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. The market setup is supportive for early gains with the close over the 1st swing resistance. The near-term upside target is at 1075.62. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1072.34 and 1075.62, while 1st support hits today at 1062.65 and below there at 1056.23.
S&P E-MINI (DEC) 09/23/2009: 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. Market positioning is positive with the close over the 1st swing resistance. The near-term upside objective is at 1075.68. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1072.37 and 1075.68, while 1st support hits today at 1062.63 and below there at 1056.19.
NASDAQ (DEC) 09/23/2009: 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 target is at 1748.50. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1742.00 and 1748.50, while 1st support hits today at 1727.00 and below there at 1718.50.
DOW (DEC) 09/23/2009: A new contract high was made on the rally. 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. Market positioning is positive with the close over the 1st swing resistance. The next upside objective is 9839. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 9804 and 9839, while 1st support hits today at 9722 and below there at 9674.
December Dow finished up 55 at 9773, 7 off the high and 58 up from the low.
Technical Outlook
S&P 500 (DEC) 09/23/2009: 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. The market setup is supportive for early gains with the close over the 1st swing resistance. The near-term upside target is at 1075.62. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1072.34 and 1075.62, while 1st support hits today at 1062.65 and below there at 1056.23.
S&P E-MINI (DEC) 09/23/2009: 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. Market positioning is positive with the close over the 1st swing resistance. The near-term upside objective is at 1075.68. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1072.37 and 1075.68, while 1st support hits today at 1062.63 and below there at 1056.19.
NASDAQ (DEC) 09/23/2009: 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 target is at 1748.50. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1742.00 and 1748.50, while 1st support hits today at 1727.00 and below there at 1718.50.
DOW (DEC) 09/23/2009: A new contract high was made on the rally. 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. Market positioning is positive with the close over the 1st swing resistance. The next upside objective is 9839. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 9804 and 9839, while 1st support hits today at 9722 and below there at 9674.
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