It was a naturally rather subdued start to Christmas week. Regardless of the near term moves, what is far more important is how the leading world equity markets close the year. Can the US Dow/sp'500, the German DAX, the Japanese Nikkei, and the Chinese Shanghai comp' close above their respective monthly 10MAs ?
US - Dow, monthly
*I'll cover the year end closes in the world markets... the weekend of Jan'2/3.
Not much to add.
Merely to highlight that equity bulls should be desperate to see at least the leading markets break/hold their respective monthly 10MAs.
A December fail would be bad.
A January fail would be REALLY bad.. and bode for the August lows to be tested.. and broken.
Update from Mr C.
Tuesday will see the second/final rev' for Q3 GDP. Market is expecting a fractionally weaker 2.0%. Any number >2.1% would bode reasonably okay for the economic bulls.
Other data: house price index, existing home sales.
Goodnight from London