Christmas Present?
An impressive upmove today in S&P futures. Could this be the present we’d been waiting for — a Christmas rally?
Perhaps it’s too soon to tell. But at mid-day, S&Ps are at 1314, a welcome change from days this week when we were in the “1200s.”
This morning, we saw strong buying in the “teens” from major brokerage house. On downticks, these houses continued to hold the market bid.
Earlier, the market moved through resistance at 1309-1311. This was impressive, although volume has been light as the market is in pre-holiday mode and many traders are exiting the Pit for lunch and holiday cheer. That on top of a strong opening with the 1304 level being easily surpassed gave this market a surprisingly strong tone.
On a day like today, it’s risky picking a top. But the obvious upside target would be the gap from earlier this week at 1318.
This afternoon, be careful of a thin trade. With volume light, you could see some light-volume reversals.
In the meantime, happy holidays to all… and to all a good trade!