Move Upward Continues December 28, 2019
Posted by Tom in Thoughts.trackback
Dec. 27, 2019 – With a major holiday now complete and behind us, it will soon be time to get back to “business” in the world stock markets. New Years is just around the corner and I still have this uneasy feeling that a new tax year may bring on a correction. Long term, not much has or is likely to change; the FED with easy money and an election year (in the US) to boot. The fact that the economy (in the US) has moved quite a lot in a short period of time may mean that next years opportunities will be more international as they play “catch up”.
As the chart above shows, it was a quite week. Major indexes up about 1/2% and the “Q’s” up a little over 1% for the shortened week. (click on chart to enlarge it) I did move the near term support level up to 8934 on the NASDAQ Composite Index. (That’s the low of the weekly bar where buying came into the market). A break below that level and I’ll begin to hedge &/or go to Cash.
The stocks in the broad S&P 1500 Index show similar strength. There’s a fair amount of green & not much red in these pie charts; possible over extended markets.
% Price Strength –
% in Accumulation / Distribution –
Sector Strength table:
That’s it for now. Wishing all a Very Happy New Year & Good Trading in 2020 ! …….. Tom …….
Price chart by MetaStock; pie chart & table by http://www.HighGrowthStock.com. Used with permission.
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