SHORT TERM: market continues rally in this 1/2 day holiday session, DOW + 99
Overnight all of the Asian markets were higher, and the FTSE was higher as well. The market opened on a positive note and continued to rally until about 10:00 when the SPX hit 1495. After about an hour of consolidation back to 1492, the market rallied again going into the 1:00 close hitting 1498. Techs were mostly higher with AAPL making a new bull market high, and the financials were higher as well. At the close the SPX/DOW were +0.75%, and the NDX/NAZ rallied 0.80%. Bonds lost more than 1/2 point, Crude gained 35 cents, Gold was flat, and the Euro was higher. Support for the SPX remains at 1484 and then 1462, with resistance at 1506 and then 1530. Short term momentum is way overbought, but will have to wait till wednesday. Happy Holidays!
MEDIUM TERM: correction may have ended at 1436
LONG TERM: bullish, it’s still a bull market