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S&P needs to make up ground for Santa Rally

S&P has snapped back after declining about 1.5% in the final 5 days of the year.. and will need to make up some ground to expect it can be smooth sailing to start the year-  A sharp advance this am in Futures but the trend has turned bearish from late last year, despite the low volume so a bit more is needed to think indices are in the clear-  Key areas to watch start near 2262 up to 2268 on the upside to sell into this move- on the downside 2237 to 2240 important-   Seeing sharp declines this am in Treasuries  to coincide with S&P gains while the US Dollar also making very big move to the upside and at closing levels would constitute the highest daily close since late 2002 nearly 14 years ago-  CRUDE making a meaningful rise this am up to near 55, to multi-day highs.. and should be favored for further gains to the high 50s, despite the negative seasonality for January-  Last 5 Jans have been DOWN for WTI to the tune of about 2.82% on average.. but despite rising bullish sentiment. the structure remains solid for WTI and looks to extend in the near-term-  Overall,  a mixed picture to start the year given DOWN momentum but yet a sharply HIGHER opening gap to start the year, so a bit more necessary before believing new all-time highs can happen just yet-  

Jan 3, 2017 8:15 AM