December S&P closed down 13.3 at 1054. This was -1.5 up from the low and 21.5 off the high. December S&P E-Mini finished down 8.25 at 1059, 16.75 off the high and 3.75 up from the low.
December Dow finished down 51 at 9720, 135 off the high and 40 up from the low.
Technical Outlook
S&P 500 (DEC) 09/24/2009: The daily stochastics gave a bearish indicator with a crossover down. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The market's short-term trend is positive on the close above the 9-day moving average. The outside day down is a negative signal. The market setup is somewhat negative with the close under the 1st swing support. The next downside target is 1041.90. The next area of resistance is around 1068.30 and 1081.90, while 1st support hits today at 1048.30 and below there at 1041.90.
S&P E-MINI (DEC) 09/24/2009: A crossover down in the daily stochastics is a bearish signal. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. The outside day down is a negative signal. The close below the 1st swing support could weigh on the market. The next downside objective is 1041.75. The next area of resistance is around 1069.25 and 1082.75, while 1st support hits today at 1048.75 and below there at 1041.75.
NASDAQ (DEC) 09/24/2009: The daily stochastics have crossed over down which is a bearish indication. Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. The market's close above the 9-day moving average suggests the short-term trend remains positive. The daily closing price reversal down puts the market on the defensive. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside target is 1697.00. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1742.00 and 1765.00, while 1st support hits today at 1708.00 and below there at 1697.00.
DOW (DEC) 09/24/2009: 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 market has a slightly positive tilt with the close over the swing pivot. The next upside objective is 9821. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 9805 and 9821, while 1st support hits today at 9759 and below there at 9728.
December Dow finished down 51 at 9720, 135 off the high and 40 up from the low.
Technical Outlook
S&P 500 (DEC) 09/24/2009: The daily stochastics gave a bearish indicator with a crossover down. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The market's short-term trend is positive on the close above the 9-day moving average. The outside day down is a negative signal. The market setup is somewhat negative with the close under the 1st swing support. The next downside target is 1041.90. The next area of resistance is around 1068.30 and 1081.90, while 1st support hits today at 1048.30 and below there at 1041.90.
S&P E-MINI (DEC) 09/24/2009: A crossover down in the daily stochastics is a bearish signal. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. The outside day down is a negative signal. The close below the 1st swing support could weigh on the market. The next downside objective is 1041.75. The next area of resistance is around 1069.25 and 1082.75, while 1st support hits today at 1048.75 and below there at 1041.75.
NASDAQ (DEC) 09/24/2009: The daily stochastics have crossed over down which is a bearish indication. Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. The market's close above the 9-day moving average suggests the short-term trend remains positive. The daily closing price reversal down puts the market on the defensive. The swing indicator gave a moderately negative reading with the close below the 1st support number. The next downside target is 1697.00. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 1742.00 and 1765.00, while 1st support hits today at 1708.00 and below there at 1697.00.
DOW (DEC) 09/24/2009: 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 market has a slightly positive tilt with the close over the swing pivot. The next upside objective is 9821. With a reading over 70, the 9-day RSI is approaching overbought levels. The next area of resistance is around 9805 and 9821, while 1st support hits today at 9759 and below there at 9728.
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