Market Commentary and Analysis

Trader's Blog

World Oil Supply And Price Outlook, May 2021

9 hours ago

Ethereum ETFs Go Live In Canada

1 day ago

Treasury Secretary Yellen's Gaffe

2 days ago

Bitcoin: Make It Or Break It

4 days ago

Could Silver Futures Hit $30?

4 days ago

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 https://quotes.ino.com/exchanges/?c=indexes 

The Dow posted an inside day with a sharply higher close on Thursday as it consolidated some of this week's decline. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this week's decline, the 50-day moving average crossing at 33,375.13 is the next downside target. If the Dow renews the rally off January's low into uncharted territory, upside targets hard to project. First resistance is Monday's high crossing at 35,091.56. Second resistance is unknown. First support is the 50-day moving average crossing at 33,375.13. Second support is the March 25th low crossing at 32,071.41.

The June NASDAQ 100 closed higher on Thursday as it consolidated some of the decline off April's high. The mid-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends the aforementioned decline, the 75% retracement level of the March-April-rally crossing at 12,666.46 is the next downside target. Closes above the 20-day moving average crossing at 13,696.29 would signal that a short-term low has been posted. First resistance is the 50-day moving average crossing at 13,371.92. Second resistance is the 10-day moving average crossing at 13,481.62. First support is the 62% retracement level of the March-April-rally crossing at 12,912.45. Second support is the 75% retracement level of the March-April-rally crossing at 12,666.46

The June S&P 500 closed sharply higher due to short covering on Thursday as it rebounded off the 50-day moving average crossing at 4047.05. The high-range close sets the stage for a steady to higher opening when Friday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 4047.05 would open the door for additional weakness near-term. Closes above the 20-day moving average crossing at 4163.29 would signal that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4163.29. Second resistance is Monday's high crossing at 4238.25. First support is the 50-day moving average crossing at 4047.05. Second support is the March 25th low crossing at 3843.25.