Market Commentary

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U.S. STOCK INDEXES

The June NASDAQ 100 posted a key reversal down on Wednesday signaling that a possible short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2947.03 would confirm that a short-term top has been posted. If June extends the aforementioned rally, weekly resistance crossing at 3084.00 is the next upside target. First resistance is today's high crossing at 3053.50. Second resistance is weekly resistance crossing near 3084.00. First support is the 10-day moving average crossing at 2997.45. Second support is the 20-day moving average crossing at 2947.03.

The June S&P 500 posted a key reversal down on Wednesday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. If June extends this year's rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 1623.12 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1685.50. Second resistance is will be hard to project with June extending this year's rally into uncharted territory. First support is the 10-day moving average crossing at 1648.31. Second support is the 20-day moving average crossing at 1623.12.

The Dow posted a key reversal down on Wednesday but not before posting a new all-time high. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. The low-range close sets the stage for a steady to lower opening on Thursday. If the Dow extends the rally off November's low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 15,056 would confirm that a short-term top has been posted. First resistance is today's high crossing at 15,542. Second resistance will be hard to project with the Dow trading into uncharted territory. First support is the 10-day moving average crossing at 15,328. Second support is the 20-day moving average crossing at 15,056.