U.S. STOCK INDEXES The March NASDAQ 100 was higher overnight as it consolidates some of the decline off December's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 16,141.98 would signal that a short-term low has been posted. If March extends the aforementioned decline, the 38% retracement level of 2021's rally crossing at 15,043.89 is the next downside target. From a broad perspective, March needs to close above November's high crossing at 16,768.00 or below December's low crossing at 15,492.00 to confirm a breakout of the November-January trading range and point the direction of the next trending move. First resistance is the 50-day moving average crossing at 16,141.98. Second resistance is December's high crossing at 16,659.50. First support is Monday's low crossing at 15,152.50. Second support is the 38% retracement level of 2021's rally crossing at 15,043.89. The March S&P 500 was steady to slightly higher overnight as it consolidates some of the decline off last-Tuesday's high. Overnight trading sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends the decline off December's high the December 20th low crossing at 4520.25 is the next downside target. Closes above the 10-day moving average crossing at 4727.18 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4727.18. Second resistance is December's high crossing at 4808.25. First support is the December 20th low crossing at 4520.25. Second support is December's low crossing at 4485.75. 
U.S. Government Required Disclaimer - Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown. All trades, patterns, charts, systems, etc., discussed in this message and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher or INO.com. No system or methodology has ever been developed that can guarantee profits or ensure freedom from losses. No representation or implication is being made that using the methodology or system will generate profits or ensure freedom from losses. The testimonials and examples used herein are exceptional results, which do not apply to the average member, and are not intended to represent or guarantee that anyone will achieve the same or similar results. Each individual's success depends on his or her background, dedication, desire, and motivation. | |
Comments