BiggDaddy - That little anecdote reminds me of my days (long, long ago) as a teacher. Because I was a "good" teacher, they (the administrators) kept giving me the kids most couldn't handle. Yep - front line work. Thankfully, I managed to survive. So did the kids. :) Some of them done "real good". Think - Keith Urban. I always had a soft spot for the larrikins. The bullies - that's another matter.
In America:
SP500 -0.63%
Dow Industrials -0.56%
Nasdaq100 -0.77%
Dow Transports +0.14%
Russell 2000 -0.63%
Comment: Major indices had a solid down day on lowish volume. Selling was steady but hardly dramatic. The low volume suggests this pull-back might be brief.
NewHighs/NewLows 47/25. NH>NL. The ratio of NH/(NH+NL) is at 65.3%. Out of the Do Not Sell Zone. The New Low figure is at the edge of the Nervous Zone (25-50).
Technical Comment on the SP500:
The SP500 finished at 1419.45. Nearby Support/Resistance: 1416.81/1433.32.
MACD Histogram. Below zero. Negative.
MACD. Above zero. Positive.
RSI.9 is at 67.6. Falling from overbought.
Stochastic. 77.3. Below its signal line and the 80 level. Negative.
CCI.14: +80.4. Falling below +100. Negative
The SP500 had a six day positive run-up. Six days is about all we see. So a down day today was not surprising, especially after the previous session reversal day (up/down).
The chart now shows a three-day reversal pattern. Indicators are all in sell positions (consensus). But, the up trend channel is still intact. Until both the up trend support line and horizontal support remain intact, bulls have some hope. We could see some more weakness tomorrow, and then a reversal back to the upside. That would keep hopes of a strong Santa Rally well and truly alive. The Santa Rally is really a late-December phenomenon, so we could see a bigger pull-back before a move up. Until the pivot day on 5 December is broken to the downside, I still expect this to be a pull-back rather than a serious bear correction.
Redbacka
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