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U.S. STOCK INDEXES

The December NASDAQ 100 closed lower due to profit taking on Friday as it consolidated some of the rally off October's low. Today's downside reversal along with the low-range close sets the stage for a steady to lower 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 this year's rally, weekly resistance crossing at 4336.90 is the next upside target. Closes below the 20-day moving average crossing at 4167.18 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4284.50. Second resistance is weekly resistance crossing at 4336.90. First support is the 10-day moving average crossing at 4214.50. Second support is the 20-day moving average crossing at 4167.18.

The December S&P 500 closed higher on Friday as it extends the rally off October's low. Profit taking tempered early-session gains and the low-range close sets the stage for a steady to lower 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 October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 2021.12 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2072.50. Second resistance is unknown. First support is the 10-day moving average crossing at 2042.37. Second support is the 20-day moving average crossing at 2021.12.

The Dow closed higher on Friday as it extended the rally off October's low. Profit taking tempered early-session gains the low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish warning bulls to use caution as a correction is possible near-term. If the Dow extends the rally off October's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 17,469.78 would confirm that a short-term top has been posted. First resistance is today's high crossing at 17,894.83. Second resistance is unknown. First support is the 10-day moving average crossing at 17,665.11. Second support is the 20-day moving average crossing at 17,469.83.

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