Market Report

The December NASDAQ 100 closed slightly higher on Thursday as it extended last week's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term.

If December extends this week's rally, weekly resistance crossing at 1783.71 is the next upside target.

First resistance is Wednesday's high crossing at 1754.50. Second resistance is weekly resistance crossing at 1783.71 is the next upside target. First support is the 20-day moving average crossing at 1713.51. Second support is the reaction low crossing at 1649.75.

The December S&P 500 index closed slightly higher on Thursday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If December extends this month's rally, the 50% retracement level of the 2008-
2009-decline crossing at 1112.80 is the next upside target. Closes below the 20-day moving average crossing at 1056.84 would temper the near-term friendly outlook. First resistance is today's high crossing at 1089.80. Second resistance is the 50% retracement level of the 2008-2009-decline crossing at 1112.80. First support is the 20-day moving average crossing at 1056.84. Second support is the reaction low crossing at 1015.00.

The Dow closed higher on Thursday as it extends this month's rally. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this month's rally, weekly resistance crossing at 10,339 is the next upside target.

Closes below the 20-day moving average crossing at 9765 would temper the near-term bullish outlook in the market. First resistance is today's high crossing at 10,039. Second resistance is weekly resistance crossing at 10,339. First support is the 20-day moving average crossing at 9765. Second support is the reaction low crossing at 9430.