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U.S. STOCK INDEXES

The Dow closed sharply lower for the second day in a row on Tuesday and closed below the 20-day moving average crossing at 33,799.72 signaling that a short-term top has been posted. Strong U.S. economic data will prompt the Federal Reserve to keep interest rates climbing. Tuesday's narrower-than-expected October U.S. trade gap didn't help. The low-range close sets the stage for a steady to lower opening when Wednesday'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 the Dow extends today's decline, the November 10th gap crossing at 33,065.11 is the next downside target. If the Dow renews the rally off October's low, the 75% retracement level of the January-October decline crossing at 34,893.55. First resistance is last-Wednesday's high crossing at 34,589.77. Second resistance is the 75% retracement level of the January-October decline crossing at 34,901.54. First support is the November 11th gap crossing at 33,065.11. Second support is the November 3rd low crossing at 31,727.05.

The March NASDAQ 100 closed sharply lower on Tuesday and closed below the 20-day moving average crossing at 11,805.94. Today's low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling sideways to lower prices are possible. Closes below the 50-day moving average crossing at 11,521.08 would confirm that a short-term top has been posted. If March renews the rally off November's low, the 62% retracement level of the August-October decline crossing at 12,618.67 is the next upside target. First resistance is the 50% retracement level of the August-October decline crossing at 12,229.32. Second resistance is the 62% retracement level of the August-October decline crossing at 12,618.67. First support is the 50-day moving average crossing at 11,521.08. Second support is the November 9th low crossing at 10,932.75.

The March S&P 500 closed sharply lower for the second day in a row on Tuesday and closed below the 20-day moving average crossing at 4010.86 signaling that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday'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 March extends this week's decline, the 50-day moving average crossing at 3864.17 is the next downside target. If March renews the rally off October's low, the September 13th high crossing at 4194.25 is the next upside target. First resistance is last-Thursday's high crossing at 4142.50. Second resistance is the September 13th high crossing at 4194.25. First support is the November 17th low crossing at 3945.50. Second support is the 50-day moving average crossing at 3864.15.

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