The September NASDAQ 100 closed sharply higher on Friday as it extended the rebound off Wednesday's low. The high-range close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and
the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends today's rally, the reaction high crossing at 2658.00 is the next upside target. Closes below would confirm that a trend change has taken place while opening the door for sideways to lower prices near-term. First resistance is the reaction high crossing at 2658.00. Continue reading "Monday Morning Index Commentary"
Tag: market commentary
Key Market Commentary for Friday
STOCK INDEXES & MARKETS
The September NASDAQ 100 was higher overnight as it extended the short covering rally off Wednesday's low. Stochastics and the RSI are turning neutral hinting that a low might be in or is near. Closes above the 20-day moving
average crossing at 2592.56 would temper the near-term bearish outlook. Multiple closes below the June-July uptrend line crossing near 2555.97 are needed to confirm that the rally off June's low has ended while opening the door for additional weakness near-term. First resistance is the 20-day moving average crossing at 2592.56. Second resistance is last Thursday's high crossing at 2658.00. First support is the reaction low crossing at 2516.50. Second support is the reaction low crossing at 2503.50. Continue reading "Key Market Commentary for Friday"
