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Critical Closing Levels to Watch Today


These are worth monitoring since it's the end of the week, month, and year.

Technical Relevance

Yesterday was pretty much a non-event, technically speaking -- very little movement and very light volume. Today it will be worth monitoring the closing levels since today marks the end of the week, month, and year (see important levels below). Have a happy and safe New Year's celebration tonight! Enjoy the holiday weekend.

Critical Closing Levels to Watch Today

NASDAQ: 2271.48 on the downside as monthly support. Also, the 61.8% retracement (using the daily extremes) of the October 2007 to the March 2009 range comes in just above Wednesday's close at 2292.68.

Dow Jones Industrials: Critical weekly and monthly closing support for the Dow is 10,507.

Commodity ETF (DBC): The $25 level on DBC remains critical resistance. If that level is broken today, it would be very bullish for the commodity complex.

Semiconductor Index (SOX):
Resistance for the SOX is 366.52 (Fibonacci projection); it will be interesting to see if the SOX can confirm the NASDAQ's breakout with one of its own.

Crude Oil:
Crude's hurdle to clear is the $80 level (horizontal line resistance).

The underbelly of the broken uptrend line is acting as resistance for gold -- that number is 1121 or so.
No positions in stocks mentioned.

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