Market Outlook Dec 23 2010

Stop of 6007 was reached on Dec-22-2010.

The second wave may be near completion. Look for a third wave to form soon.







Key Resistences (R) and support(S) to be watched for tommorrow

The [R3] or the most extreme high trading range is 6085
The [R2] or the extreme high trading range is 6054
The [R1] or the high trading range is 6019
The [P] or pivot point is 5988
The [S1] or the low trading range is 5953
The [S2] or the extreme low trading range is 5922
The [S3] or the most extreme low trading range is 5887


Momentum is continuing upward at the present time.

Next Day Trading Session:
If the next day's close is below 5861 then that could be a sign that the current upward momentum is reversing.

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Global Cues:

US market:

Stocks managed modest gains today, but the market's December performance is shaping up as the best in at least a decade.
Boosting the market were gains in bank, utility and energy shares -- and hopes for a decent economy in 2011. Real-estate and homebuilding shares were higher after a better-than-expected report on existing-home sales for November.

crude oil settled above $90 a barrel for the first time since October 2008. That pushed airline shares lower. Tech shares were weaker, too.

Financials continue to outperform

Dollar trades in quiet fashion before easing into red at day's end

Final third quarter GDP estimate shows economy expanded slightly more than previously reported, but not as much as had been expected

Trading volume dwindles into year's end



Europe

Banks boosted Britain's top share index by midday on Wednesday, helped by reports China is ready to buy Portuguese bonds which eased European debt concerns.

The euro rose to the day's high versus the dollar on Wednesday on a Portuguese newspaper report suggesting China was ready to buy Portuguese debt.




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