Equities Manage to Hold on to Weekly Gains despite Stronger Dollar
Shortly after the release of the U.S. Employment Report, the December E-mini S&P 500 rallied to a new high for the year at 1119.00 just short of a major 50% level at 1122.00. The subsequent break from 1119.00 found support at a short-term retracement zone at 1098.50 to 1093.50. Buyers came in on the break to drive the market higher into the close, negating all possibilities of a daily or weekly reversal top.
The December E-mini NASDAQ also made a new high before selling off. 1779.00 to 1770.25 is new intraday support. The close near the high indicates a follow-through rally is likely next week.
The December E-mini Dow eked out a new high at 10509 before getting hit by selling pressure. New intraday support was established at 10300. The strong close following the sharp intraday sell-off is a sign that traders are still willing to buy the dips.
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