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Year End Rally Has Started
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The market digested a heavy round of news during the last two weeks and the reaction has been positive.
PRE-OPEN MARKET COMMENTS VETERANS DAY – First of all, let me thank all of the men and women who have proudly served our country and who have protected freedom around the globe!
The banks are closed today so we should expect lighter than normal volume.
Earnings, economic growth, Fed policy and the election results have sparked buying and the market is making a new all-time high. We can expect a red candle or two in the next few weeks, but the direction is up. We are in a period of seasonal strength and I don’t see any speedbumps ahead.
The news is fairly light this week with CPI and retail sales. Inflation has been a touch higher than the Fed would like, but obviously it is not enough of a concern to keep them from easing.
Europe was strong overnight and Asia was mixed.
We don’t need to chase the opening gap up. Let’s make sure it holds before we take any positions. The odds of a gap reversal are highest at an all-time high especially when we are testing a major psychological resistance level like 6000 (SPY $600). At very least I would expect a bid check. If it is brief and shallow with the high from Friday preserved, we can ease into long positions. At very least, we want half of the gap up preserved.
From a swing standpoint you should have an original starter swing on and you should have added last week. Now we will look for technical confirmation and add when we have it.
Support is at $589.20 and resistance is at $600. There could also be resistance around $604.
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