Daily Stock Market Outlook
Daily Stock Market Outlook ~ October 8
The December NASDAQ 100 was higher in late-overnight trading. Tuesday's decline saw December spike below long-term support marked by the 62% retracement level of the 2002-2007- rally crossing at 1354.93 before a short covering rally tempered some of its losses. While a brief pause in the decline is possible, the door remains open for additional downside risk near-term. If December extends this fall's decline, the 75% retracement level of the 2002-2007-rally crossing at 1162.31 is the next downside target. Stochastics and the RSI are bearish signaling that additional weakness is possible near-term. It will take closes above the 20-day moving average crossing at 1612.32 to confirm that a short-term low has been posted. The December NASDAQ 100 was up 32.50 pts. at 1369.00 as of 6:03 AM CST. First resistance is the 10-day moving average crossing at 1514.32. Second resistance is the 20-day moving average crossing at 1612.32. First support is the overnight low crossing at 1280.75. Second support is the 75% retracement level of the 2002- 2007-rally crossing at 1162.31. Overnight action sets the stage for a higher opening by December NASDAQ 100 when the day session begins later this morning.
The December S&P 500 index was lower overnight as it extends this month's huge decline. Panic selling continues to grip investors as they have lost confidence in the markets after government intervention has failed to unlock credit markets. December is consolidating above long-term support marked by the 75% retracement level of the 2002-2007-rally crossing at 969.20. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. While a late-overnight rally tempered some of its losses, the door remains open for additional weakness near-term. If December extends this fall's decline, the 87% retracement level of the aforementioned rally crossing at 866.35 is the next downside target. Closes above the 20-day moving average crossing at 1164.74 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1116.62. Second resistance is the 20-day moving average crossing at 1164.75. First support is the overnight low crossing at 962.50. Second support is the 87% retracement level of the aforementioned rally crossing at 866.35. The December S&P 500 Index was down 15.10 pts. at 990.70 as of 6:09 AM CST. Overnight action sets the stage for a lower opening by the December S&P 500 index when the day session begins later this morning.
Interest Rates
December T-bonds were higher overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends Monday's rally, September's high crossing at 123.75 is the next upside target. Closes below the 10-day moving average crossing at 119-08 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 122-11. Second resistance level is September's high crossing at 123-27. First support is the 20-day moving average crossing at 119-12. Second support is the 10-day moving average crossing at 119-08. Overnight action sets the stage for September T-bonds to open 18/32's to 22/32's higher when the day session begins later this morning.
Click here for the complete financial markets outlook for October 8th.
The December S&P 500 index was lower overnight as it extends this month's huge decline. Panic selling continues to grip investors as they have lost confidence in the markets after government intervention has failed to unlock credit markets. December is consolidating above long-term support marked by the 75% retracement level of the 2002-2007-rally crossing at 969.20. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. While a late-overnight rally tempered some of its losses, the door remains open for additional weakness near-term. If December extends this fall's decline, the 87% retracement level of the aforementioned rally crossing at 866.35 is the next downside target. Closes above the 20-day moving average crossing at 1164.74 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1116.62. Second resistance is the 20-day moving average crossing at 1164.75. First support is the overnight low crossing at 962.50. Second support is the 87% retracement level of the aforementioned rally crossing at 866.35. The December S&P 500 Index was down 15.10 pts. at 990.70 as of 6:09 AM CST. Overnight action sets the stage for a lower opening by the December S&P 500 index when the day session begins later this morning.
Interest Rates
December T-bonds were higher overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends Monday's rally, September's high crossing at 123.75 is the next upside target. Closes below the 10-day moving average crossing at 119-08 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 122-11. Second resistance level is September's high crossing at 123-27. First support is the 20-day moving average crossing at 119-12. Second support is the 10-day moving average crossing at 119-08. Overnight action sets the stage for September T-bonds to open 18/32's to 22/32's higher when the day session begins later this morning.
Click here for the complete financial markets outlook for October 8th.
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Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here