Democratic Underground - pre-opening ino blather

The June NASDAQ 100 was slightly higher overnight as it consolidates above this year's broken downtrend line crossing near 1466.90. Stochastics and the RSI are overbought and have turned neutral hinting that a short-term top might be in or is near. Multiple closes above this year's downtrend line crossing near 1466.90 are needed to confirm that a trend change has taken place and would then open the door for a possible test of the 38% retracement level of this year's decline crossing at 1494.46 later this spring. Closes below the 20-day moving average crossing at 1443.55 would signal that the short covering rally off April's low has come to an end. The June NASDAQ 100 was down 1.00 pts. at 1473 as of 5:56 AM ET. Overnight action sets the stage for a steady to lower opening by the NASDAQ composite index later this morning.

The June S&P 500 index was steady to slightly higher overnight as it consolidates below the 20-day moving average crossing at 1161.58. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below last Friday's low crossing at 1147.20 would open the door for a possible test of April's low crossing at 1135.90 later this spring. If June renews the rally off April's low, the 50% retracement level of the March-April decline crossing at 1185 is the next upside target. The June S&P 500 Index was up 0.40 pts. at 1157.10 as of 5:58 AM ET. Overnight action sets the stage for a steady to higher opening when the day session begins later this morning.

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