10 Powerful Technical Chart Formations [PDF]

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Symbol	Last	Change	%
Indexes Snapshot
Dow Jones Industrial Average	30814.26	-177.26	-0.65%
NASDAQ Composite	12998.50	-114.14	-1.02%
S&P 500	3768.25	-27.29	-0.81%
SPDR S&P 500	375.70	-2.76	-0.82%
iShares Russell 2000 ETF	210.7350	-3.2050	-2.00%

U.S. STOCK INDEXES

The Dow closed lower on Friday but were off session lows after President-elect Joe Biden announced a $1.9 trillion COVID-19 relief plan late-Thursday. Data also showed December retail sales fell for a third month in a row. A number of analysts are skeptical about the chances of Biden's fiscal package passing Congress intact. The high-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below last-Monday's low crossing at 29,881.82 would confirm that a short-term top has been posted. If the Dow extends this month's rally into uncharted territory, upside targets will be hard to project. First resistance is Thursday's high crossing at 31,223.78. Second resistance is unknown. First support is the 20-day moving average crossing at 30,569.74. Second support is the 50-day moving average crossing at 29,998.81.

The March NASDAQ 100 closed lower on Friday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below last-Monday's low crossing at 12,491.25 are needed to confirm that a short-term top has been posted. If March extends the rally off September's low into uncharted territory, upside targets will be hard to project. First resistance is last-Friday's high crossing at 13,065.75. Second resistance is unknown. First support is last-Monday's low crossing at 12,491.25. Second support is the 50-day moving average crossing at 12,439.37.

The March S&P 500 closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Tuesday'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 March extends the rally off November's low into uncharted territory, upside targets will be hard to project. Multiple closes below the reaction low crossing at 3636.00 would confirm that a short-term top has been posted. First resistance is last-Friday's high crossing at 3824.40. Second resistance is unknown. First support is the 20-day moving average crossing at 3735.76. Second support is the 50-day moving average crossing at 3649.60.

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10 Powerful Technical Chart Formations [PDF]

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