Just as it looked as though the Smart Money wouldn’t show their faces before the holidays, Friday’s volume soared signaling a large batch of orders taking place.
From the initial analysis, the S&P 500, Nasdaq, and Russell 2000 all had bullish price action, closing near or at the highs for the day, and the Dow 30 and NYSE showed signs of supply, closing off highs, which could ultimately be bearish.
As time continues to fly by, now almost halfway through December, the markets have shown us little as to where they want to go.
One thing that sticks out to me is that in the last 24 days, we’ve only seen the market close on/near the high for 7 days. With a stat like that, it is easy to understand why the markets haven’t pushed higher into fresh, new ground.
After a lackluster end to last week, the markets jumped right back with the S&P 500 closing up 1.36%.
The number by itself is pretty impressive but the price action says different. All the major indexes closed pretty well off highs signifying supply in the market.
