I wish the regulars would step up. I'm hopeless at this cranker...

I wish the regulars would step up. I'm hopeless at this cranker business.

Or, how about you, Pisces? You did a cracker of a cranker.

In America:

SP500 -0.12%
Dow Industrials -0.14%
Nasdaq100 -0.16%
Dow Transports -0.42%
Russell 2000 -0.18%

Comment: A remarkable session in America – the major indices were all down over -1%, then the “big boys” hit the buy buttons with about an hour to go and the major indices ended more or less flat.

NewHighs/NewLows 47/34. NH>NL. The ratio of NH/(NH+NL) is at 58%. Out of the Do Not Sell Zone. New Lows are showing nervousness.

Technical Comment on the SP500:

The SP500 finished at 1418.09. Nearby Support: 1418.53. At Support.
MACD Histogram. Below zero. Negative.
MACD. Above zero. Positive.
RSI.9 is at 46. Negative, but in the 40/50 zone where reversals occur
Stochastic. 41.8. Negative.
CCI.14: -109.1. Oversold. The first oversold reading of this pull back.

I mentioned yesterday that the market needed to close below the important pivot point on 14 December (black arrow) to be sure that the trend has changed to the down side. At 3.00 p.m. New York time, that looked certain, but the big reversal in the last hour kept this uptrend alive. It needs a good buying day in the next session to confirm the reversal.

Also yesterday I said: “I expect a rebound.” That’s what we got today. Santa hasn’t been assassinated yet.

Redbacka