U.S. STOCK MARKET INDICES - technical forecast

DJI closed unchanged due to profit taking on Wednesday but remains above the 10-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. If the Dow renews this year's rally, the 62% retracement level of the 2007-2008-decline crossing is the next upside target. Closes below the reaction low crossing would confirm that a short-term top has been posted. SPI pClosed slightly higher on Wednesday as it consolidates above the 20-day moving average crossing. The low-range close sets the stage for a steady to lower opening on Thursday. NDI closed slightly higher on Wednesday as it consolidates above the 20-day moving average. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible near-term.

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