The Dow closed lower on Thursday as it consolidated some of Wednesday's rally. The high-range close sets the stage for a steady to higher opening on Friday. 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 10,197 would confirm that a short-term top has been posted. If the Dow extends this month's rally, the 75% retracement level of the January-February decline crossing at 10,505 is the next upside target. First resistance is last Friday's high crossing at 10,438. Second resistance is the 75% retracement level of the January-February decline crossing at 10,505. First support is the 20-day moving average crossing at 10,197. Second support is the reaction low crossing at 9,983.
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