TECHNICAL ANALYSIS : NASDAQ 100, SPX and DJIA

DISCLAIMER : This article is the personal opinion of the writer. It is not a solicitation to buy or sell; Please read & view with discreetions TQVM

The NASDAQ 100 aka $NDX closed higher on Friday as it extends the rally off November'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 sideways to higher prices are possible near-term.

If $NDX extends the rally off November's low, the October 2007 high crossing at 2256.25 is the next upside target. Closes below the 20-day moving average crossing at 2155.64 would confirm that a short-term top has been posted.

First resistance is today's high crossing at 2215.34. Second resistance is the October 2007 high crossing at 2256.25. First support is the 10-day moving average crossing at 2179.79. Second support is the 20-day moving average crossing at 2155.64.

The S&P 500 aka SPX index closed higher on Friday as it extended this week's rally. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term.

If December extends this month's rally, weekly resistance crossing at 1313.30 is the next upside target. Closes below the 20-day moving average crossing at 1204.29 are needed to confirm that a short-term top has been posted.

First resistance is today's high crossing at 124.40. Second resistance is weekly resistance crossing at 1313.30. First support is the 10-day moving average crossing at 1216.92. Second support is the 20-day moving average crossing at 1204.29.

The Dow Jones Industrial Average aka DJIA closed higher on Friday and the high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are overbought and have turned bearish signaling that a short-term top might be in or is near.

Closes below the 20-day moving average crossing at 11,211 would signal that a double top with November's high appears to have been posted. If the Dow extends this week's rally, the August 2008 high crossing at 11,867 is the next upside target.

First resistance is Tuesday's high crossing at 11,450. Second resistance is the August 2008 high crossing at 11,867. First support is the 10-day moving average crossing at 11,292. Second support is the 20-day moving average crossing at 11,211.

HAPPY WEEKEND