Daily update 12/24

Today was the official start of the famed Santa rally.  I think it was already front run by the big three day rally this week.  With the overbought status mentioned last night further gains may be tough to come by.

 The 100 SMA held today.

The green count actually fell back a bit today.  Not exactly what the bulls want to see.

Last night I mentioned the market was short term overbought at resistance.  For today that resistance held.  It is quite possible it continues to hold.  A lot of people piled in thinking the market will go up next week.  For the most part this year the market has struggled to continue up when overbought.  Is anything really different now other then it is the end of Dec.  Nothing more positive fundamentally that I can see.  If we go up next week it will be due to seasonality.  However, we have had some unusual down days this month that may be indicating the usual seasonality might not play out.  I am  not sure what to expect next week.  We had very light volume this week which is likely to continue.  If a sell catalyst comes up in that condition things can get crazy.  However, it may be the news flow is calm and quiet and nothing much happens at all.

The market and sector status pages have been updated.

Merry Christmas to those that celebrate it.  Happy Holidays to everybody that celebrates anything this time of year.  Have a great long weekend all.

Bob