By The Numberz
The NASDAQ 100 closed sharply lower on Tuesday as it extends last week’s decline. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. From a broad perspective September is locked in a trading range. Closes above 1516.00 or below the 1412.00 are needed to confirm a breakout of the current trading range and point the direction of the next trending move.
First resistance is the 20-day moving average crossing at 1458.72. Second resistance is last Wednesday’s high crossing at 1496.25. First support is today’s low crossing at 1411.75. Second support is June’s low crossing at 1412.00.
The S&P 500 index closed lower on Tuesday as it extends last week’s decline. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 884.30 would confirm a downside breakout of a broad head and shoulder’s top while opening the door for a larger-degree decline during July. Closes above the 20-day moving average crossing at 910.30 are needed to confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 905.05. Second resistance is the 20-day moving average crossing at 910.30. First support is Monday’s low crossing at 882.00. Second support is the reaction low crossing at 873.10.
Today’s Trade Triangle’sThe Dow closed lower on Tuesday as it extends the decline off June’s high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near- term. Closes below the reaction low crossing at 8221 would confirm a breakout below neckline support of this summer’s head and shoulders top thereby opening the door for a seasonal decline into August. Closes above the 20-day moving average crossing at 8498 are needed to confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 8384. Second resistance is the 20-day moving average crossing at 8498. First support is Monday’s low crossing at 8205. Second support is the 38% retracement level of the March-June rally crossing at 7970.
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