U.S. STOCK INDEXES The Dow closed lower for the second day in a row on Friday due to rising tensions between the United States and China. Additional pressure came from a lack of progress on another fiscal stimulus bill out of Washington. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 26,235.15 would confirm that a short-term top has been posted. Closes above the June 8th high crossing at 27,580.21 are needed to renew the rally off March's low. First resistance is last-Wednesday's high crossing at 27,071.33. Second resistance is June's high crossing at 27,580.21. First support is the 20-day moving average crossing at 26,236.02. Second support is the 50-day moving average crossing at 25,852.39. The September NASDAQ 100 closed lower on Friday as it extends this week's decline. A short covering rally this afternoon tempered early session losses. Today's close below the 20-day moving average crossing at 10,536.88 would signal that a short-term top has been posted. The mid-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the 50-day moving average crossing at 10,020.85 is the next downside target. If September resumes the rally off March's low into uncharted territory, upside targets will be hard to project. First resistance is Tuesday's high crossing at 11,058.00. Second resistance is unknown. First support is the 20-day moving average crossing at 10,536.88. Second support is the 50-day moving average crossing at 10,020.85. The September S&P 500 closed lower due to profit taking on Friday. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, February's high crossing at 3387.60 is the next upside target. Closes below the 20-day moving average crossing at 3159.40 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 3284.00. Second resistance is February's high crossing at 3387.60. First support is the 20-day moving average crossing at 3159.40. Second support is the 50-day moving average crossing at 3084.97. 
U.S. Government Required Disclaimer - Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown. All trades, patterns, charts, systems, etc., discussed in this message and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher or INO.com. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the methodology or system will generate profits or ensure freedom from losses. The testimonials and examples used herein are exceptional results, which do not apply to the average member, and are not intended to represent or guarantee that anyone will achieve the same or similar results. Each individual's success depends on his or her background, dedication, desire, and motivation. | |
No comments:
Post a Comment
Keep a civil tongue.