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Stock Indices

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6 Dec

Stock Indices

Greetings, We hope this journal finds you in good health and spirits. Here we are simply taking a look at the US stock indices from a short term perspective.

Indexes Snapshot
Symbol Last Change %
Dow Jones Industrial Average
30218.26 +248.74 +0.91%
NASDAQ Composite
12464.23 +87.05 +0.78%
S&P 500
3699.12 +32.40 +0.96%
SPDR S&P 500
369.74 +3.05 +0.91%
iShares Russell 2000 ETF
188.2900 +4.3700 +2.73%

U.S. STOCK INDEXES

 

REMEMBER, NO FINANCIAL MARKETS REACT TO INVESTOR’S SENTIMENT MORE THAN STOCK INDICES!

The Dow closed higher on Friday as it extends the rally off October’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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the November 12th low crossing at 28,902.13 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 30,178.38. Second resistance is unknown. First support is the 20-day moving average crossing at 29,582.78. Second support is the November 12th low crossing at 28,902.13.
The December NASDAQ 100 closed higher on Friday as it extends the rally off November’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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off November’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 12,085.78 are needed to confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 12,540.25. Second resistance is unknown. First support is the 10-day moving average crossing at 12,260.10. Second support is the 20-day moving average crossing at 12,085.78.
The December S&P 500 closed higher on Friday. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off November’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 3589.61 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 3693.58. Second resistance is unknown. The first support is the 20-day moving average crossing at 3589.61.  The second support is the 50-day moving average crossing at 3469.36.

Warmly,

Danny Leboeuf-  Publishing Editor/Managing Director