What Happened On Wed Dec 20 2017
Wednesday saw all 3 indexes move sideways as many investors chose to sit on the sidelines while waiting for a second vote in the House on the Tax Reform Bill. The close saw all 3 indexes with slight losses and just below their all-time highs.
Closing Statistics for Wed Dec 20 2017
S&P 500 Index Close
The S&P index ended down 2.22 to 2679.25
Dow Jones Index Close
The Dow Jones ended down 28.10 to 24,726.65
NASDAQ Index Close
The NASDAQ closed down 2.89 to 6960.96
Stock Market Outlook – Review of Wed Dec 20 2017
Chart Comments At The Close:
There is no technical analysis this evening as there is no change in the S&P by the close today. The outlook is still the same and the closing candlestick is still the same, bearish for Thursday but the overall technical chart is still positive.
Support Levels To Be Aware Of:
The 2600 is light support.
There is good support at the 2550 level which could assist in keeping the index up for December.
The S&P has light support at 2480. It also has light support at 2450 and good support at 2425. Below that there is some support at 2400, 2380, 2350. 2300 has the most support at present.
Stock Market Outlook for Tomorrow – Thu Dec 21 2017
For Thursday the outlook is unchanged at overbought, sideways with a bias to the upside. We should see on Thursday whether the market is willing to move higher now that the tax reform bill has passed. It is now a question of whether investors will take profits after the news is out on the tax reform bill’s passage.
Market Direction Internal Links
Profiting From Understanding Market Direction (Articles Index)
Understanding Short-Term Signals
Market Direction Portfolio Trades (Members)
Market Direction External Links
IWM ETF Russell 2000 Fund Info
Market Direction SPY ETF 500 Fund Info