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The September NASDAQ 100 was higher overnight as investors remained optimistic that progress was being made in the contentious trade disputes between the U.S. and its major trading partners. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If September resumes the rally off the late-July low, July's high crossing at 7530.00 is the next upside target. Closes below the 50-day moving average crossing at 7303.47 would confirm that a short-term low has been posted. First resistance is July's high crossing at 7530.00. Second resistance is unknown. First support is the late-July low crossing at 7166.75. Second support is June's low crossing at 6956.00.
The September S&P 500 was higher overnight and poised to rally to its highest level since January of this year. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off June's low, January's high crossing at 2885.30 is the next upside target. Closes below the 50-day moving average crossing at 2796.30 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 2863.00. Second resistance is January's high crossing at 2885.30. First support is the 50-day moving average crossing at 2796.30. Second support is the reaction low crossing at 2791.90.