Market Summary For Thursday Sept. 9th

The S&P 500 index closed higher on Thursday as it extended the rally off August’s low. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral bullish signaling that additional gains are possible near term. If September 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 1069.61 would confirm that a short term top has been posted. First resistance is today’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 1072.22. Second support is the 20 day moving average crossing at 1069.63.

Crude oil closed lower on Thursday due to profit taking as it extends the trading range of the past two weeks. The low range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near term