Thursday was a half-day of trading. Not a lot can be read into Thursday’s technical numbers.
Advance Decline Numbers
Volume on Thursday was just 1.4 billion shares with 55% of the volume trading lower. Although it was just half a day, there were only 10 new lows but 34 new highs, a reverse of sorts for stocks with new highs finally outpacing new lows. The NASDAQ was the same with 51 new highs and 36 new lows. While a not much can be read into the numbers they do point to a possibility that the Santa rally which may have started last week, is ready to continue this week.
Market Indexes Closing Numbers
On Thursday the indexes were mixed with the NASDAQ slightly higher and the S&P and Dow lower.
The S&P closed at 2060.99 down just 3.30 and above the 2050 support level. The Dow Jones closed at 17,552.17 down 50.44. The NASDAQ closed at 5,048.49 up 2.56.
Market Direction Outlook for Dec 28 2015
Monday is a full trading day. While this is a short week, Thursday is still a full trading day. I am expecting Monday to start off with a small amount of selling and then buyers should step in but I am not expecting a big move higher. I think much of Monday morning will be “testing” by investors to see if the Santa Claus rally expected, can be pushed through for the week. I will be posting throughout tomorrow but I am expecting to see the highly anticipated Santa Claus Rally pick up some steam in the afternoon.
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