The September NASDAQ 100 closed higher on Thursday as it extends the rally off June's low. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, gap resistance crossing at 2686.50 is the next upside target. Closes below the 20-day moving average crossing at 2569.02 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2655.75. Second resistance is gap resistance crossing at 2686.50. First support is the 20-day moving average crossing at 2569.02. Second support is last Thursday's low crossing at 2503.50.
The September S&P 500 index closed lower in subdued trading on Thursday as traders await Friday's unemployment report. The low-range close sets the stage for a steady to lower opening when Friday's night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, May's high crossing at 1395.50 is the next upside target. Closes below the 20-day moving average crossing at 1331.44 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1374.90. Second resistance is May's high crossing at 1395.50. First support is the 20-day moving average crossing at 1331.44. Second support is the reaction low crossing at 1302.70.
The Dow closed lower on Thursday as it consolidated some of the rally off June's low. Losses were limited following today's jobless claims report as fewer Americans filed first-time claims for unemployment insurance payments and companies added more workers than forecast, easing concern the labor market is faltering further. Applications for jobless benefits fell 14,000 in the week ended June 30 to 374,000. Private employers expanded payrolls by 176,000 last month exceeding the most optimistic estimate in a Bloomberg News survey of economists. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the aforementioned rally, May's high crossing at 13,338 is the next upside target. Closes below last Thursday's low crossing at 12,450 would confirm that a short-term top has been posted. First resistance is today's high crossing at 12,961. Second resistance is May's high crossing at 13,338. First support is the 20-day moving average crossing at 12,671. Second support is last Thursday's low crossing at 12,450.
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That job report really shakes things up...
I favor the downside but will wait for confirmation at 12,450 break.