Stock Market Outlook for Thu Dec 27 2018 – Santa Claus Rally Underway

Another short write-up for the Stock Market Outlook for Thu Dec 27 2018. The biggest one day rally for the S&P and NASDAQ Indexes since March 2009, occurred Wed Dec 26 2018 with the S&P up 116.60 to $2467.70 and the NASDAQ up 361.44 to $6,554.35.

As I am spending the evening working on trades for Thursday, tonight’s outlook is short.

The bounce on Wednesday should see Thursday morning enter a drop, either near the open or by mid-morning. The dip could take the S&P back to 2425 or 2430 from which the rally should then begin another move higher.

The Santa Claus Rally should be underway and while Wednesday’s giant move up won’t be repeated, the market in general will move higher. While this is not an end to the correction, the rally should be tradable, allowing investors to adjust positions as well as take profits and setup additional trades.

Thursday will end higher while Friday could see some selling to end the year. Early next week should see the index push still higher. I am expecting the S&P should be able to make it to 2550 before heavier selling may stall the rally. Upside target for the rally could be 2620 to 2650.

Support Resistance Levels To Be Aware Of:

2700 is resistance

2675 is light resistance

2650 is light resistance

2620 is light resistance

2600 is strong resistance.

2550 is resistance.

2480 is resistance.

2450 is resistance.

2525 is resistance.

2400 was support and may still be.

2380 was support and may still be. A rally could reach the level.

2350 to 2300 is the best support and marks a full correction.

A break and a couple of closes below 2300 would signal an end to the bull market from 2009.

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