Tonight’s Stock Market Outlook is shortened to allow more time for “stocking stuffer trades” to be posted.
The movement of the markets today was confined by low holiday volumes which is typical for the final couple of days before the holidays. The indexes spent most of the day trading in negative territory.
S&P Index Close
The S&P index ended the day down 5.58 to close at 2265.18.
Dow Jones Index
The Dow Jones ended the day higher down 32.66 to close at 19,941.96.
NASDAQ Index Close
The NASDAQ closed down 12.51 points to 5,471.43.
Stock Market Outlook for Tomorrow – Dec 21 2016
Markets remain overbought heading into the final two days before the Christmas holiday. The Dow is within 60 points of 20,000 but may not reach there until next week.
The S&P and NASDAQ losses were also very small as the markets are drifting more sideways than up or down. All three major indexes are within easy reach of their all-time highs but volumes are low which makes it difficult.
Energy futures were barely changed and gold managed to hang on around the $1133 valuation. The Dow came close to the 20,000 level intraday but spent most of the day lower.
For Thursday two technical indicators are being watched. The MACD indicator is nearing the point where it could issue a sell signal on Thursday or Friday if the market drifts lower. Meanwhile momentum is continuing to fall.
Watch for stocks on Thursday to continue moving sideways and keep a slight downside bias. Overall though we should see the market pick up early next week after the holiday on Monday.
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