Indices Grind Higher Into The New Year

The Stock Indices continued on their Santa Claus rally today. Volume is still extremely low but ticked up slightly. However, breadth continued to decline. Due to the holiday week, I am not sure we can read anything into price development or price structure until next week. While the Indices are approaching new all-time highs, the important support levels to watch are 460 in the SPY; 390 in the QQQ and 200 in the IWM. Short-term resistance is always the previous day’s high and above that is the last all-time high.

Joe

Leave a Reply

Your email address will not be published. Required fields are marked *