US Stock Indexes

By Ino.com

The June NASDAQ 100 was higher overnight as it extends the rally off April’s low. The overnight rally was support by optimism over first-quarter earnings, which set the tone with results from Goldman Sachs Group Inc. due before the bell. Later, investors should track a busy schedule of Federal Reserve speakers for hints to the path of interest rates. Economic data reports ahead cover housing starts and industrial production. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 50-day moving average crossing at 6750.52 would increase optimism that the rally off April’s low may be extended. Closes below the 10-day moving average crossing at 6612.35 would confirm that a short-term top has been posted. First resistance is the 50-day moving average crossing at 6750.52. Second resistance is the reaction high crossing at 6849.25. First support is April’s low crossing at 6306.75. Second support is February’s low crossing at 6192.50.

The June S&P 500 was higher overnight and trading above key resistance marked by the 50-day moving average crossing at 2688.19 as it extends the rally off April’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends this month’s rally, the reaction high crossing at 2741.00 is the next upside target. Closes below the 20-day moving average crossing at 2645.90 would temper the near-term friendly outlook. First resistance is the 50-day moving average crossing at 2688.19. Second resistance is the reaction high crossing at 2741.00. First support is April’s low crossing at 2554.00. Second support is the 38% retracement level of the 2016-2018-rally crossing at 2533.51.

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Gary

NFTRH.com & Biiwii.com