2pm update - significant pre-Santa gains

With just 5.5 trading hours until the Christmas break, all US indexes have built pretty significant gains. A Thursday/weekly close in the sp'2060/65 zone looks probable. Oil is holding powerful gains of 3.2% in the $37s, and that continues to help prop up broader market mood.


sp'weekly7

USO, daily2

Summary

*note the green candle on the weekly sp'500 chart. Broader price structure could be argued is a giant bull flag.. and that would bode for a move well beyond the May historic high of 2134.
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re: Oil -  a move to the gap zone - where the 50dma will soon lurk, looks due for USO, equating to WTIC Oil around $40.
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So... we're holding the sp'2060/55 zone.. and that is where we'll probably close today.

A daily close above the 200.. and 50 day MAs looks far more viable next Mon/Tuesday.
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back at 3pm