Market Recap For 9/14/2015

The market started the new week in a narrow range. The SP500 ended the session with a loss of -8.02 points or -0.41% by closing at 1953.03. The near term overhead resistance remains to be the 12/16/14 close at 1972.56. The potential major near term resistance is the 3/11/15 close at 2040.24. The recent low near the 10/15/14 close at 1862.49 continues to be the major potential support.

SPX

(click on chart to enlarge)



For the SPY, see the post “Scenario For The SPY – 9/13/2015” for possible price movements.


The Nasdaq 100 also gave up some gains in today’s session. It closed at 4308.76, a loss of -14.47 or -0.33%. It is still trying to get to the overhead resistance at 4349.93. It is holding above the 4089.60 support level. The near term potential resistance and support level continue to be 4349.93 and 4089.60 respectively.

NDX




The Russell 2000 closed at 1153.60 with a loss of -4.29 or -0.37%. The potential resistance continues to be at 1175.51 and the potential support will remain at 1049.30.

RUT




The market will likely continue to chop around until the FOMC rate announcement on Thursday. Although the market internals and recent price action started to show a slight bias toward the upside, but this slight bias can be easily reversed by the FOMC rate decision. Therefore, until the FOMC rate decision has been announced, one should remain cautious.