Disco Stu and Goblin. Who would've thunk it? Next they'll be starring in Hollywood's sequel to "The Odd Couple". They could be the Laurel and Hardy of the XJO thread. Rival Hollywood film company would bring out: Maxi and his Bluesdog.
Enough of that.
In America:
SP500 +0.03%
Dow Industrials +0.03%
Nasdaq100 -0.08%
Dow Transports -.51%
Russell 2000 -0.16%
Comment: A very narrow range day inside the range of the previous day, which was a narrow range day. Volume was the highest in the past eight days. Not good – squeeze going on. At the top of a trend that usually means new weak bulls entering the market and old strong bulls selling out.
NewHighs/NewLows 134/9. NH>NL. The ratio of NH/(NH+NL) is at 93.7%. In the Do Not Sell Zone. New Lows are benign.
Technical Comment on the SP500:
The SP500 finished at 1416.18. Support/resistance: 1365/1418.65.
MACD Histogram. Marginally above zero. It continues to fall.
MACD. Above zero. Positive.
RSI.9 is at 62.3. Positive. In a zone where reversals can occur.
Stochastic. 96.6. Very Overbought, but can remain overbought for days.
CCI.14: +110.1. Overbought.
Four Momentum Indicators are beginning to flash amber signs. Stochastic is now very overbought and CCI is overbought but falling. Stochastic is usually late to the party, CCI early. It would take much for these to turn Red. RSI is not particularly dangerous – it needs to get above 70 for that to happen. But we can expect pull backs any time the RSI gets between 60-70. Even a small down day would tip MACD Histogram below its zero line.
The chart is stalling at a major horizontal resistance level.
This could go higher, but this run-up seems close to an end. The range and duration of any pull-back will decide the fate of the Santa Rally. This could be just a gentle consolidation or something more dramatic.
The comedy of the Fiscal-Cliff continues. Obama has put up in ambit claim. Boehner misquotes Lorelai Gilmore in, “The Road Trip to Harvard” (2001): ”We’re almost nowhere.” In the movie, Lorelai Gilmore says: ”We’re almost there, but nowhere near it. All that matters is that we’re going.” Obama then calls on the Dickens classic and mutters something about “Scrooge Christmas”.
Politicians! I guess we’ll always have ‘em. A sense of humour helps. Just think of the Queensland LNP as the Comedy Warehouse Show. The Mad Monk and Julia: Punch and Judy.
Meanwhile, back at the ranch, it’s time for brunch.
Full weekly report tomorrow.
Redbacka.
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