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Here Comes Santa Claus!
www.oneoption.com
The market rallied to a new all-time high Wednesday so it looks likely.
PRE-OPEN MARKET COMMENTS FRIDAY – From the day after Christmas through the first two days of the New Year, the market has rallied 80% of the time since 1950. The average return has been 1.3%. A gain of that magnitude would put the SPY at $700.
Tuesday we learned that GDP grew 4.3% in Q3. That was much better than expected and buyers liked that news. The economic calendar is light the rest of the year and there is nothing to stand in the way of this rally. We are likely to float higher on light volume.
When a holiday bisects the week like this, it kills the trading volume. We are likely to see some window dressing and there will be rotation. When a group gets hot it will provide us with an opportunity to trade from the long side.
This still feels like a holiday to me. My goal is to find one of two good trades and I will probably take action early and ride the momentum from Wednesday. If you trade from the long side, make sure you have a very strong D1 chart. If there’s a market dip, you need to be willing to hold the position overnight.
Support is at $689.70 (the previous all-time high) and resistance is $690.83 (the high from Wednesday).
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