Stock Market Commentry

The March NASDAQ 100 closed higher on Wednesday and above the 20-day
moving average crossing at 1796.27. The high-
range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. Multiple closes above
the reaction high crossing at 1831.25 are needed to
confirm that a short-term low has been posted. If March renews last
week's decline, January's low crossing at 1698.25 is the
next downside target. Closes above 1879.00 are needed to renew the
rally off January's low.

The March S&P 500 index closed lower on Wednesday and the mid-range
close sets the stage for a steady opening on
Wednesday. Stochastics and the RSI remain bullish signaling that
sideways to higher prices are possible near-term. If March
extends this week's rally, the reaction high crossing at 1400.10 is the
next upside target. Closes above 1400.10 are needed to
renew the rally off January's low and would open the door for a
possible test of the 50% retracement level of the October-
January decline crossing at 1426.40 later this year. Closes below the
reaction low crossing at 1327.50 would confirm that a
short-term top has been posted while opening the door for additional
weakness into early-March.

The Dow closed slightly higher on Wednesday as it extends this week's
rally. The mid-range close sets the stage for a steady
opening on Thursday. Stochastics and the RSI remain bullish signaling
that sideways to higher prices are possible near-term. If
the Dow extends this week's rally, the reaction high crossing at 12,767
is the next upside target. Closes above the reaction high
crossing at 12,767 are needed to renew the rally off January's low and
would open the door for a larger-degree rally into early-
March. Closes below the reaction low crossing at 12,069 would confirm
that a short-term top has been posted while opening the
door for additional weakness and a possible test of January's low
crossing at 11,634.

Commentary by INO.COM

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