SHORT TERM: market continues to rally, DOW +108
Overnight the Asian markets were mixed. Europe opened higher and closed +0.90%. US index futures were slightly higher overnight, and at 8:30 the weekly Jobless claims were reported to have declined: 492K v 565K. The market opened unchanged at SPX 890, but that was the low for the day. By 1:00 the SPX broke through 900, hitting 903, and then pulled back only a few points for the next half hour. After that the market appeared to follow the surge in Crude and rallied right into the close. At 3:30 it again halted right at the 912 pivot. For the day the SPX/DOW were +1.35%, and the NDX/NAZ were +1.25%. Bonds lost about 1 1/2 points, Crude surged $3.75, Gold rallied $10.25 and the Euro was lower. Support for the SPX remains at 848 and then 789, with resistance at 912 and then 935. Short term momentum was extremely overbought at the highs for the day. Enjoy the New Year celebration! Friday we start what shapes up to be a very interesting year. Happy New Year to you and yours!
MEDIUM TERM: uptrending from the SPX 741 November low
LONG TERM: bear market rally