December S&P closed down 14.6 at 1044.3. This was 3.3 up from the low and 17.6 off the high. December S&P E-Mini finished down 15 at 1044, 20 off the high and 3 up from the low.
December Dow finished down 82 at 9635, 105 off the high and 35 up from the low.
Technical Outlook
S&P 500 (DEC) 09/25/2009: Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The market's close below the 1st swing support number suggests a moderately negative setup for today. The next downside objective is now at 1025.35. Short-term indicators on the defensive. Consider selling an intraday bounce. The next area of resistance is around 1055.69 and 1071.34, while 1st support hits today at 1032.70 and below there at 1025.35.
S&P E-MINI (DEC) 09/25/2009: Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market setup is somewhat negative with the close under the 1st swing support. The next downside objective is 1025.25. Daily studies pointing down suggests selling minor rallies. The next area of resistance is around 1055.50 and 1071.25, while 1st support hits today at 1032.50 and below there at 1025.25.
NASDAQ (DEC) 09/25/2009: Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. A negative signal for trend short-term was given on a close under the 9-bar moving average. The close below the 1st swing support could weigh on the market. The next downside target is 1668.07. Short-term indicators on the defensive. Consider selling an intraday bounce. The next area of resistance is around 1720.12 and 1748.56, while 1st support hits today at 1679.88 and below there at 1668.07.
DOW (DEC) 09/25/2009: Stochastics turning bearish at overbought levels will tend to support lower prices if support levels are broken. A positive signal for trend short-term was given on a close over the 9-bar moving average. The upside closing price reversal on the daily chart is somewhat bullish. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside objective is now at 9631. The next area of resistance is around 9782 and 9814, while 1st support hits today at 9690 and below there at 9631.
December Dow finished down 82 at 9635, 105 off the high and 35 up from the low.
Technical Outlook
S&P 500 (DEC) 09/25/2009: Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The market's close below the 1st swing support number suggests a moderately negative setup for today. The next downside objective is now at 1025.35. Short-term indicators on the defensive. Consider selling an intraday bounce. The next area of resistance is around 1055.69 and 1071.34, while 1st support hits today at 1032.70 and below there at 1025.35.
S&P E-MINI (DEC) 09/25/2009: Momentum studies are trending lower from high levels which should accelerate a move lower on a break below the 1st swing support. A negative signal for trend short-term was given on a close under the 9-bar moving average. The market setup is somewhat negative with the close under the 1st swing support. The next downside objective is 1025.25. Daily studies pointing down suggests selling minor rallies. The next area of resistance is around 1055.50 and 1071.25, while 1st support hits today at 1032.50 and below there at 1025.25.
NASDAQ (DEC) 09/25/2009: Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. A negative signal for trend short-term was given on a close under the 9-bar moving average. The close below the 1st swing support could weigh on the market. The next downside target is 1668.07. Short-term indicators on the defensive. Consider selling an intraday bounce. The next area of resistance is around 1720.12 and 1748.56, while 1st support hits today at 1679.88 and below there at 1668.07.
DOW (DEC) 09/25/2009: Stochastics turning bearish at overbought levels will tend to support lower prices if support levels are broken. A positive signal for trend short-term was given on a close over the 9-bar moving average. The upside closing price reversal on the daily chart is somewhat bullish. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside objective is now at 9631. The next area of resistance is around 9782 and 9814, while 1st support hits today at 9690 and below there at 9631.
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