S&P 500 drifted ever so slowly, but still to my 6,936 support, testing it thoroughly today premarket. Do swing traders have a lot to sweat here, considering the New Year positioning ahead to come starting Friday? Look no further than to breadth for answer.
Observe as well ES behavior in the low 6920s and 6,936 followed by high 6,950s, and don’t go all in long as there’s going to be some selling of 2025 winners Friday, and it’s probably not going to be one day event. Simultaneously, don’t get sucked in heavily losing stocks (2025) suddent stabilization and rally before the year end – it’s just booking of those losses. Be selective and quick to cash in gains.
I’m opening today’s premium stock market analysis so that you can see what Trading Signals and Stock Signals clients are getting every day… Happy New Year – a fulfilling one beyond profits !
S&P 500 and Nasdaq
The main point of contention for today is to establish 6,936 as support that won’t be retested during today’s session, and the goal is to lock in open gains, and not be cast aside by Friday’s selling in leading stock tickers and sectors (XBI, XRT, XLV and everything we talked in prior weeks) – likewise the flagship “high beta” TSLA, PLTR and HOOD can be hit hard if Friday turns out more than tax balancing, so be ready and mindful of keeping an eye on winning sectors and how tech performs relatively (not most encouraging at the moment).
