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Stocks up on day nicely, but there is one big concern


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Can’t get back above the year end closes

The major stock indices remain higher and some of the battered stocks have seen a rebound. 
However, there is one big concern. That is the Dow and the S&P could not get back above the end of year closing levels.
Both the Dow and the S&P fell and closed below their end of year closing levels at 2,673.61 and 24,719.22 respectively.
Today,

  • The S&P moved to a high of 2670.73 – about 3 points short of that end of year level.
  • The Dow moved to a high of 24669.79 – about 50 points short of its end of year level

The indices are well off the highs as well:

  • The S&P is at 2659 currently and is now 14 points off the end of year level
  • The Dow is at 24569 currently and is now 150 points off the end of year level.

If there is to be a rally, getting back in the black will be a minimum step for the dip buyers.  Today that could not be done. 
The Nasdaq end of year close was at 6903. The price close yesterday was still above that level by about 5-6 points. Today, the index is up at 7000 currently, but had a high of 7029.92. 
ForexLive

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