The June S&P 500 index posted a key reversal down on Wednesday as it consolidated some of this spring's rally.
The mid-range close sets the stage for a steady opening on Thursday. 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 913.98 would confirm that a top has been posted.
If June extends this spring's rally, the reaction high crossing at 979.80 is the next upside target. First resistance is last Friday's high crossing at 957.20. Second resistance is the reaction high crossing at 979.80. First support is the 10-day moving average crossing at 932.70. Second support is the 20-day moving average crossing at 913.98.