From See It Markets:
It’s been a relatively quiet holiday season for US Equities. But some interesting technical events are taking place that I’d like to highlight and discuss. Some bullish, some bearish.
Here are 6 things to watch over the coming days.
Bullish
1. First and foremost, the Russell 2000 (RUT), S&P 500 (SPX – Quote), and NASDAQ Composite (COMPQ) have broken out to new highs. The Russell 2000 is probably the most interesting, as it has struggled in a sideways range all year… so a breakout to new highs is noteworthy. All of the breakouts on the US Equities indexes (including the Dow Jones Industrial Average) are marginal, on low volume, and have yet to receive confirmation.
2. We are also still in the “Santa Clause” rally phase (until Jan 5).
3. All 4 Indexes mentioned above have rising 50 day moving averages (and these should serve as a barometer of market support into January).
That’s all fine and dandy, but now there are a few near-term concerns that investors/traders should be aware of…
Bearish......MORE
