Bulls Take Momentum Into The Weekend, Here’s Fridays Closing Numbers

The S&P 500 index closed higher on Friday as it extended the rally off August’s low. The high 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 additional gains are possible near term. If December extends the aforementioned rally, August’s high crossing at 1120.90 is the next upside target. Closes below the 20 day moving average crossing at 1070.98 would confirm that a short term top has been posted. First resistance is Thursday’s high crossing at 1106.50. Second resistance is August’s high crossing at 1120.90. First support is the 10 day moving average crossing at 1078.40. Second support is the 20 day moving average crossing at 1070.98.

Crude oil closed higher on Friday and has renewed the rally off August’s low. The high range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term