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Mixed
Stocks were mixed
yesterday as the Dow gained 1-point, the S&P 500 was down less than
3-points, and small caps were basically flat. The I-fund
dropped 0.38%, while the F-fund picked up a modest 0.24%.
The
story in the S&P 500 remains the same. The chart looks to be in
good shape technically but we have some seasonality roadblocks coming up
in the short-term, and a little selling here would not be a bad thing
here as we start setting up for the annual Santa Claus rally before the
end of the month. Support looks pretty solid near 1080.
Chart provided courtesy of
www.decisionpoint.com,
analysis by TSP Talk
The Dow Transportation Index (the market leader),
which broke out to the upside on good volume on Friday, pulled back some
on Monday, but remained above the old resistance line, which may act as
support. That 4050 is an important support area. This is
healthy action so far. Notice the pullback was on lighter volume.
Chart provided courtesy of
www.decisionpoint.com,
analysis by TSP Talk
The dollar made an intraday higher high yesterday, but closed
basically flat on the day, but more importantly, for the 2nd straight
day it closed above the 50-day EMA and the old resistance line, which
may now act as support.
Chart provided courtesy of
www.decisionpoint.com,
analysis by TSP Talk
Today is the 6th trading day in December, and while December is a
very strong month historically, there is that weak little pocket coming
up on the seasonality chart.
Chart provided courtesy of www.sentimentrader.com
Thursday will be the eighth trading day of
the month.
Not much more to say today. The possible breakouts in the dollar
and the Dow Transports remain the main stories for me, but with only two
closes above resistance, I would like to see at least one more
close in breakout territory before I take
out the word "possible".
Watch for weak spot on the seasonality chart, but any selling would set
up a possible nice run into the end of the year.
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