Tuesday, December 24, 2013
The S&P closed in the 1827-1833 range cited yesterday. It appears that there could be higher targets still, but a correction to the 1815 area would not surprise me. 1800 is still viewed as a stop.
For the first time in a long time, the short-term Advance Decline line that I use has been confirming the higher highs on the S&P. A new high on far lower A/Ds would be the first indication that this latest rally is getting close to rolling over.
Equity and equity futures markets close early today. NYSE at 1:00pm EDT and CME at 12:15pm CDT. Good thing. I am the Christmas chef this year for my family and am preparing Christmas Eve dinner as well as dinner on Christmas day. So the early close suits me just fine.
The markets are closed Wednesday. I'll be back Thursday. Have a merry Christmas.