Technical Analysis 13 December 2010
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Daily Technical Analysis report discussing Support and Resistance Levels and Indicators such as Stochastics and the RSI for major FX markets, the Dow Jones, S&P 500 and NASDAQ.
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Today’s Technical Analysis:
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Technical Analysis - 13 December 2010
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Indices Technical Analysis
 Dow Jones Index Technical Analysis
DJI closed higher on Friday and the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought and have turned bearish signalling that a short-term top might be in or is near. Closes below the 20-day moving average crossing would signal that a double top with November's high appears to have been posted.
 S&P 500 Index Technical Analysis
SPI closed higher on Friday as it extended last week's rally. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it extends this month's rally, weekly resistance crossing is the next upside target.
 Nasdaq Index Technical Analysis
NDI closed higher on Friday and the mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are overbought but remain neutral-to-bullish signalling that sideways-to-higher prices are possible near-term. If it extends the rally off November's low, the October 2007 high crossing is the next upside target.
Forex Technical Analysis
 Euro / Dollar Technical Analysis
EUR/USD closed lower on Friday as it consolidates some of the rally off November's low. The low-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning bearish signalling that sideways-to-lower prices are possible near-term. If it renews the decline off November's high, the 62% retracement level of the June-November rally crossing is the next downside target. Closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted.
 Dollar / Yen Technical Analysis
USD/JPY closed higher on Friday and is poised to renew last week's rally. The high-range close sets the stage for a steady-to-higher opening on Monday. Stochastics and the RSI are bullish signalling that sideways-to-higher prices are possible near-term. If it renews the rally off November's low, the 38% retracement level of this year's decline crossing is the next upside target. If it renews last week's decline, the reaction low crossing is the next downside target.
 Sterling / Dollar Technical Analysis
GBP/USD closed higher due to short covering on Friday as it consolidates some of the decline off November's high. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are bullish hinting that a short-term low might be in or is near. Multiple closes above the 20-day moving average crossing are needed to confirm that a short-term low has been posted. If it renews the decline off November's high, the 50% retracement level of the May-November rally crossing is the next downside target.
 Dollar / Swiss Franc Technical Analysis
USD/CHF closed lower on Friday as it consolidates below the 20-day moving average crossing. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are turning neutral-to-bullish hinting that a short-term low might be in or is near. If it renews the rally off November's low, the 38% retracement level of the May-October decline crossing is the next upside target. If it renews last week's decline, the reaction low crossing is the next downside target.
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'Technical Analysis 13 December 2010' edited by PipTrade, updated 13-Dec-10
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Technical Analysis Index - an Index of Daily Technical Analysis articles covering Trends, Supports and Resistance Levels for some of the major Forex markets as well as US Stock Market Indices like the Dow, NASDAQ 100 and S&P 500.
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