The September NASDAQ 100 was lower overnight as it consolidates below broken support marked by the 20-day moving average. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends this month's decline, the reaction low crossing at 2503.50 is the next downside target. Closes above the 10-day moving average crossing at 2593.85 are needed to confirm that a short-term top has been posted.First resistance is the 10-day moving average crossing at 2593.85. Second resistance is this month's high crossing at 2655.75. First support is the reaction low crossing at 2503.50. Second support is June's low crossing at 2418.25.
The September S&P 500 index was lower overnight as it consolidates some of last Friday's rally. Stochastics and the RSI are turning neutral hinting that a low might be in or is near. Closes above the reaction high crossing at 1374.00 are needed to renew the rally off June's low. If September renews this month's decline, the reaction low crossing at 1302.70 is the next downside target. First resistance is the reaction high crossing at 1374.00. Second resistance is May's high crossing at 1395.50. First support is the reaction low crossing at 1302.70. Second support is June's low crossing at 1259.70.
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