Watch for this Economic Report
Monday started with a green day across the broader markets on lighter volume. So again we are rising on light volume after the pullback last week. S&P 500 closed at a new multi year high, a level we haven’t seen since November 2000. Rising on lighter volume and the final two hours action bothered me today.
Indicators left me thinking we are out of fuel so just pullback to regain some strength. However, no deep pullbacks came our way and the momentum continued to creep higher only to watch the bulls let the bears leave a lot of long upper shadows on candles. That also along with the indicators shows waning action.
Crude fell 99 cents to close at $62.44. Supply is still adequate which is easing the price some, but as the weather changes each week’s inventories will continue to be watched closely. Gold closed up 30 cents at $650.90.
Tuesday I will look for early pullback and the market will likely be nervously awaiting the ISM services. The ISM index release on Friday proved to be weak and dropped the market initially. We did recover so Tuesday we could see more of the same. An early pullback will likely give the bulls the rest they need and some refueling opportunities. With Friday’s economic data still lurking the market will show some jitters off each economic release this week.
Economic Data for the Week of December 4-8: Monday nothing due to be released, Tuesday 08:30 Productivity-Rev., 10:00 Factory Orders, 10:00 ISM Services, Wednesday 10:30 Crude Inventories, Thursday 08:30 Initial Claims, 03:00 Consumer Credit, Friday 08:30 Nonfarm Payrolls, 08:30 Unemployment Rate, 08:30 Hourly Earnings, 08:30 Average Workweek, 10:00 Mich Sentiment Prel.
Some earnings for the week of December 4-8: Monday pre market NRGY and after the close CMTL, CNQR. Tuesday pre market AZO, KR, TOL, WWE and after the bell NOVL, PLAB. Wednesday pre market BTH and after the bell ABM, DDMX, NCS, SEAC, UTI, VTS. Thursday pre market AHCI, CRMT, CIEN, FILE, JOSB, MOV, TOPT, TTC, and after the bell ATW, CENT, CMOX, ESL, NSM, SHFL, PAY. Friday pre market BKRS.
ES (S&P 500 e-mini) Tuesday’s pivot is 1408.00, weekly pivot is 1396. Intra day Support: 1409.75, 1407.50, 1406, 1404, 1401.50. Resistance: 1411.25, 1413.00, 1414.50, 1416, 1420. 60 minute chart is below.
NQ (Nas 100 e-mini) Tuesday’s pivot is 1799.50, weekly pivot is 1789. Intra day Support: 1793, 1787, 1783.75, and 1781.25. Resistance: 1803.75, 1809.75, 1815, 1820.25. 60 minute chart is below.
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