December 20, 2023 (Investorideas.com Newswire) Just what do have these in common? Prenium clients know all too well for a long time, and the underlying driver shows up in Russell 2000 too. S&P 500 closed yet again on a strong note, with improving rotations, but it’s been set back sharply (sharply for those used to continued quick gains staircase up style) by poor data out of Europe this morning that you’ll see commented in today’s stock market chart.
As if market breadth cared – Russell 2000 keeps recovering while Nasdaq hasn’t seen the upswing to ATHs really dialed back much. The chart annotation features my expectations for today’s consumer confidence and existing home sales, with implied statement about the stock market corrective move this early morning.
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Let’s move right into the charts (all courtesy of www.stockcharts.com) – today’s full scale article contains 4 of them, featuring S&P 500, credit markets, precious metals and oil.
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S&P 500 and Nasdaq Outlook
Short-term overextension continues, yet there is no bearish divergence yet to speak of. No pullback followed by making a lower high on any oscillator.
Credit Markets
See how fast the Fri two speakers’ effect was dialed back? Told you Sunday it would. That’s even more of T-Bills and money market funds money sitting on the sidelines, not deployed in the stock market.
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