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The September S&P 500 index was lower due to light profit taking overnight as it consolidates some of this month’s rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near term.

Day traders are looking for bullish set ups taking us into a double top at 958. As we head into the open worse than expected earnings reports from the major banks have us trading well below the pivot point giving the bears the upper hand this morning.

If September extends the rally, the 38% retracement level of the 2008-2009 decline crossing at 1044.11 is the next upside target. Closes below the 20 day moving average crossing at 911.10 would temper the near term friendly outlook in the market.

Wednesday’s pivot point, our line in the sand is 948.25

First resistance is Monday’s high crossing at 956.20
Second resistance is the 38% retracement level crossing at 1044.11

First support is the 10 day moving average crossing at 920.07
Second support is the 20 day moving average crossing at 911.10

The September S&P 500 Index was down 5.10 points at 948.30 as of 6:05 AM CST. Overnight action sets the stage for a lower opening by the September S&P 500 index when the day session begins later this morning.

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The September NASDAQ 100 was lower overnight due to light profit taking as it consolidates some of this month’s rally but remains above June’s high crossing at 1516.00. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near term.

If September extends the breakout above June’s high, the 62% retracement level of last summer’s decline crossing at 1635.44 is the next upside target. Closes below the 20 day moving average crossing at 1471.80 would temper the near term friendly outlook in the market.

First resistance is the overnight high crossing at 1560.50
Second resistance is the 62% retracement level at 1635.44

First support is the 10 day moving average crossing at 1490.30
Second support is the 20 day moving average crossing at 1471.80

The September NASDAQ 100 was down 1.75 points at 1552.25 as of 6:02 AM CST. Overnight action sets the stage for a steady to lower opening by June NASDAQ 100 when the day session begins later this morning.

Courtesy of Tyler from Zero Hedge

As seems to be the case all too often, volume picks up only when the market starts dropping. Updays see a general decline in relative volume, compensated only by downdays: basically fewer and fewer trade to the upside and only the liquidity providers give the illusion that there is notable volume which is “pushing” the market higher. Down days expose this for the scam it is.