Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Thus far December has been very similar to August (albeit with more volatility), in that the market is moving around quite a bit but not going anywhere. We began the day with the S&P 500 at the low end of this range and ended it with the top end of the range. But still in the range. You can see just above we have some key levels, 1435-1438. Just as with last week, clearing and then CLOSING above them will be a key. Maybe it will require a gap up. 3 of the last 5 mornings have been gap ups.. the other two sessions have been down days. A bit suspicious but nothing new.
Both of last week’s gaps were filled in the selling late in the week, so we shall see if this morning’s has a longer shelf life. Other than some budging by Boehner there was really nothing I could see for today’s move so maybe we’re all just waiting for this resolution and can officially kicked. If it happens when the market has already priced it in (i.e. running hard into the resolution), it will be interesting to see the reaction.
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