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Strategies & Market Trends : News Links and Chart Links
SPXL 194.72-4.6%Nov 20 4:00 PM EST
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From: Les H1/8/2024 12:38:15 AM
   of 29597
 
The precedent of a negative Santa Claus rally and a first week of January return is not encouraging for the prospects of the equity market through the year ahead.

Stocks wobbled in the final session of the first week of the year as traders debated on how to react to the much stronger than expected payroll report for December. The S&P 500 Index managed to finish the session higher by just less than two-tenths of one percent, remaining pinned below the 20-day moving average that was broken in the previous session. The one-session reprieve in selling pressures that has been observed to start the year does little to change the near-term trend back to positive and the risk remains that we will see a test of previous resistance, now support, at 4600. The intermediate-term path stemming from the October of 2022 bottom remains positive, suggesting that remaining buyers of these near-term dips remains prudent until evidence materializes that a sustainable trend lower is set to begin. Daily momentum indicators continue to alleviate the extreme overbought readings that had been derived through the middle of December, but they remain above their middle lines, which is characteristic of a bullish trend.

equityclock.com

Eventually market will rally which will boost reelection chance for Biden.
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