The December NASDAQ 100 was lower overnight as it extends Thursday's decline below initial support marked by the 10-day moving average crossing at 1783.05. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1741.57 would confirm that a short-term top has been posted. If December extends this month's rally, the 75% retracement level of the 2007-2008- decline on the weekly continuation chart crossing at 1947.00 is the next upside target. First resistance is Monday's high crossing at 1813.75. Second resistance is the 75% retracement level of the 2007-2008-decline crossing at 1947.00. First support is Thursday's low crossing at 1759.75. Second support is the 20-day moving average crossing at 1741.57. The December NASDAQ 100 was down 7.50 pts. at 1762.75 as of 6:00 AM CST. Overnight action sets the stage for a lower opening by December NASDAQ 100 when the day session begins later this morning.

The December S&P 500 index was lower due to profit taking overnight as it extends Thursday's decline below the 10-day moving average crossing at 1096.39. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1074.05 would confirm that a short-term top has been posted. If December extends this year's rally, the 50% retracement level of the 2007-2008- decline crossing at 1112.80 is the next upside target. First resistance is Monday's high crossing at 1112.10. Second resistance is the 50% retracement level of the 2007-2008-decline crossing at 1112.80. First support is Thursday's low crossing at 1086.50. Second support is the 20-day moving average crossing at 1074.05. The December S&P 500 Index was down 5.80 pts. at 1088.50 as of 6:02 AM CST. Overnight action sets the stage for a lower opening by the December S&P 500 index when the day session begins later this morning.