INO.com’s Daily Market Analysis
It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.
U.S. STOCK INDEXES
The September NASDAQ 100 was higher overnight ahead of closely watched second-quarter growth data that could impact the timing of the first Federal Reserve rate hike. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 4525.55 are needed to confirm that a short-term top has been posted. If September resumes this month's rally, monthly resistance crossing at 4884.00 is the next upside target. First resistance is the 10-day moving average crossing at 4600.38. Second resistance is July's high crossing at 4686.00. First support is the 20-day moving average crossing at 4525.55. Second support is July's low crossing at 4331.98.
The September S&P 500 was higher overnight as it extends the rebound off Monday's low. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 10-day moving average crossing at 2099.54 would confirm that a short-term low has been posted. If September resumes the decline off July's high, July's low crossing at 2035.00 is the next downside target. First resistance is the 10-day moving average crossing at 2099.54. Second resistance is July's high crossing at 2125.20. First support is Monday's low crossing at 2056.70. Second support is July's low crossing at 2035.00.