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The December NASDAQ 100 closed slightly lower on Friday as it consolidates some of the rally off Tuesday's low. The mid-range close sets the stage for a steady opening when Monday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this year's rally, monthly resistance crossing at 4258.97 is the next upside target. Closes below Tuesday's low crossing at 4004.25 would confirm that a short-term top has been posted. First resistance is today's high crossing at 4118.75. Second resistance is monthly resistance crossing at 4258.25. First support is Tuesday's low crossing at 4004.25. Second support is August's low crossing at 3819.75.

The December S&P 500 closed lower due to profit taking on Friday but not before posting a new high for the year. Today's low-range close sets the stage for a steady to lower opening when Monday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August's low into uncharted territory, upside targets will be hard to project. Closes below Monday's low crossing at 1969.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at 2014.30. Second resistance is unknown. First support is Monday's low crossing at 1969.00. Second support is the reaction low crossing at 1930.20.

The Dow posted a new all-time high as it closed higher on Friday. U.S. Stocks fluctuated as shares of Alibaba Group Holding Ltd. began trading and corporate takeovers boosted investor optimism. Alibaba climbed 35 percent in its U.S. trading debut, after the company raised a record-breaking $21.8 billion. Dresser-Rand Group Inc. rallied 10 percent as Siemens AG prepared to offer more than $6.5 billion for the company, according to people familiar with the plan. Oracle Corp. (ORCL) slid 4.5 percent after Larry Ellison stepped down as chief executive officer. Today's mid-range close sets the stage for a steady to higher opening on Monday. 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 week's rally into uncharted territory, upside targets will be hard to project. Closes below last Friday's low crossing at 16,937.67 would confirm that a short-term top has been posted. First resistance is today's high crossing at 17,350.64. Second resistance is unknown. First support is last Friday's low crossing at 16,937.67. Second support is the reaction low crossing at 16,575.42.

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