The green December candle

Whilst US equity indexes closed broadly higher for the third consecutive day, the far more important issue is how price momentum on the giant monthly cycle continues to turn back toward the equity bulls. As things stand, the sp'500 is set for a third consecutive monthly close above the key 10MA (2054).


sp'monthly3b

Summary

The third consecutive green 'rainbow' (Elder Impulse) candle, unquestionably bullish, and we're trading a little above the 10MA.

Right now, a December close above the 10MA.. with a green candle looks extremely likely.
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Of course.. one index does not maketh a market...

Trans, monthly2

The 'old leader' remains a literal train wreck, which is all the more remarkable considering continuing low fuel/energy prices.


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Looking ahead

Thursday will see the usual weekly jobs data.

The US equity market will close early at 1pm EST.
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Goodnight from London