Closing Brief

The opening index gains - breaking the recent sp'1423 high, were very damaging to those with bearish outlooks into early next year. The weakness in late afternoon was only minor, and unfortunately did not undo enough of today's gains.

The closing hourly charts:

Dow'60min

Sp'60

Trans'60

Summary

A disappointing open..and an equally disappointing closing hour. Despite the rollover - lead by the 'old leader' transports, the main market held together.

You can see on the hourly charts, despite the weakness in the afternoon, we held within the upward channel.

There is nothing here for the bears to be pleased about.
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Things will become somewhat clearer tomorrow, after we see how the market reacts to the final FOMC announcement of the year.

more later...