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Has Santa Been And Gone?
Before the open today we asked ourselves - was that it? Did the Feliz Navidad moment arrive already, joy now in the rear view whilst the bears start feasting on the leftovers?
In the last two days we have seen the mighty Nasdaq falter, first with the high-beta software stocks keeping moving up before they too encountered a little weakness, and then yesterday capital looked to be rotating into the Dow. All of which suggested perhaps we have a little trouble ahead in the Nasdaq and maybe the S&P too.
And maybe so. But not today. Today’s market was brought to you by the color Green and the letters U and P.
The charts below are from this morning; they remain valid because the thing we’re looking for is - wen reversal. The S&P and the Nasdaq in particular look like they may hit short-term resistance en route to the all time highs that we expect.
Let's Get To Work
Note - to open full-page versions of these charts, just click on the chart headings, which are hyperlinks.