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You Are Here: Home > Articles > Commentary > wednesday update

wednesday update
Dec 24, 2008

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SHORT TERM: market drifts higher in quiet trading, DOW +49

Overnight the Asian markets were mostly lower. Europe opened lower and closed -0.55%. US index futures were relatively flat overnight when at 8:30 the weekly Jobless claims were reported to have reached a 26-year high, 586K v 556K. Also, Durable goods orders were reported -1.0% v -8.4%, and consumer Spending was -0.6% v -1.0%. The market opened relatively flat, then dipped down to SPX 861 by 10:00, before rallying into the close in this shortened holiday session. For the day the SPX/DOW were +0.60%, and the NDX/NAZ were +0.20%. Bonds dropped 18 ticks, Crude lost $3.25, Gold gained $9.00, and the Euro was higher. Support for the SPX remains at 848 and then 789, with resistance at 912 and then 935. Short term momentum rose to neutral heading into the close. Tomorrow the market is closed in the US and will reopen on friday. The market still looks vulnerable short term with support at 848. Best to your holiday!
MEDIUM TERM: downtrend low at SPX 741
LONG TERM: bear market rally
CHARTS: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987   

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