The September NASDAQ 100 closed sharply lower on Friday as it consolidated some of the rally off last week's low. The low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last week's low, gap resistance crossing at 2686.50 is the next upside target. If September renews this month's decline, the reaction low crossing at 2503.50 is the next downside target. First resistance is Thursday's high crossing at 2658.00. Second resistance is gap resistance crossing at 2686.50. First support is last Thursday's low crossing at 2516.50. Second support is the reaction low crossing at 2503.50.<\/p>\n
The September S&P 500 index closed lower due to profit taking on Friday as it consolidated some of the rally off last Thursday's low. 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 diverging but remain bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, May's high crossing at 1395.50 is the next upside target. Closes below the 20-day moving average crossing at 1344.86 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 1375.70. Second resistance is May's high crossing at 1395.50. First support is last Thursday's low crossing at 1320.00. Second support is the reaction low crossing at 1302.70.<\/p>\n
The Dow closed lower due to profit taking on Friday as it consolidated some of the rally off last Thursday's low. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off June's low, May's high crossing at 13,338 is the next upside target. Closes below the 20-day moving average crossing at 12,741 would confirm that a short-term top has been posted. First resistance is Thursday's high crossing at 12,977. Second resistance is May's high crossing at 13,338. First support is the 20-day moving average crossing at 12,741. Second support is last Thursday's low crossing at 12,492.<\/p>\n
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