The STOCK INDEXES

The September NASDAQ 100 was higher overnight as it extends this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally, the 62% retracement level of last summer’s decline crossing at 1635.65 is the next upside target. Closes below the 20-day moving average crossing at 1511.12 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1615.75. Second resistance is the 62% retracement level of the aforementioned decline crossing at 1635.65. First support is the 10-day moving average crossing at 1577.25. Second support is the 20-day moving average crossing at 1510.13. The September NASDAQ 100 was up 10.00 pts. at 1610.75 as of 6:02 AM CST. Overnight action sets the stage for a higher opening by June NASDAQ 100 when the day session begins later this morning.

The September S&P 500 index was higher overnight as it extends this month’s rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near- term. If September extends the rally, the 38% retracement level of the 2008-2009 decline crossing at 1044.11 is the next upside target. Closes below the 20-day moving average crossing at 930.19 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 984.90. Second resistance is the 38% retracement level crossing at 1044.11. First support is the 10-day moving average crossing at 964.89. Second support is the 20-day moving average crossing at 930.19. The September S&P 500 Index was up 7.90 pts. at 982.80 as of 6:04 AM CST. Overnight action sets the stage for a higher opening by the September S&P 500 index when the day session begins later this morning