S&P 500
2104.20
-21.86 -1.04%
Dow Indu
18041.54
-190.48 -1.06%
Nasdaq
5033.93
-55.43 -1.10%
Crude Oil
58.29
+0.26 +0.45%
Gold
1185.850
-2.935 -0.25%
Euro
1.0899
+0.0022 +0.20%
US Dollar
97.313
+0.092 +0.12%
Weak

Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

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.

Privacy Policy

U.S. STOCK INDEXES

The March NASDAQ 100 closed sharply lower on Tuesday due to a sharp increase in the dollar sent investors into havens such as Treasury bonds. Multiple closes below the 20-day moving average crossing at 4463.07 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If March extends May's rally, April's high crossing at 4555.50 is the next upside target. First resistance is April's high crossing at 4555.50. Second resistance is monthly resistance crossing at 4884.00. First support is the reaction low crossing at 4412.75. Second support is May's low crossing at 4332.50.

The June S&P 500 closed sharply lower on Tuesday and below the 20-day moving average crossing at 2105.40 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If the June S&P 500 resumes the multi-year rally into uncharted territory, upside targets will be hard to project. First resistance is last Tuesday's high crossing at 2133.40. Second resistance is unknown. First support is the reaction low crossing at 2080.00. Second support is May's low crossing at 2057.70.

The Dow closed sharply lower on Tuesday following the release of April's durable good sales report. Additional pressure came from comments from Fed Chairwoman Janet Yellen, which has damped earnings expectations from companies that are already struggling from falling revenues thanks to currency fluctuations. The report showed that a key measure of business investment outside the volatile defense and transportation industries rose for the second straight month and posted the strongest back-to-back increase in a year. So-called core capital-goods orders advanced 1% after a revised 1.5% gain in March. Today's close below the 20-day moving average crossing at 18,106.46 confirms that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. First resistance is last Tuesday's high crossing at 18,351.36. Second resistance is unknown. First support is the reaction low crossing at 17,924.80. Second support is May's low crossing at 17,733.12.

INO.com on Facebook INO.com MarketClub on Twitter INO.com on Google+ INO.com YouTube

© Copyright INO.com, Inc. All Rights Reserved.