The last trading day of 2020, finished a week of sideways movement in the market with an indecisive day. The body of only 14% shows the close is not very far above the open.
It’s been a third day of rotation in the market as the money that supported a move from smaller-caps to larger-caps on Monday transitioned back to smaller-caps today (small and mid-caps). The result was a larger breadth of stocks advancing, but a bearish looking inside day for the Nasdaq.
The Nasdaq started the day by setting a new all-time high but quickly reversed downward and sold off the rest of the day. Still, it held above the 12,800 area which seems to be new support.
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The Nasdaq came back from a long weekend with a gap-up on stimulus news that quickly sold-off to fill the gap. It then rose into the afternoon to set a new all-time high and then finish with a bit of selling late in the session.
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The short trading week was not without excitement. There was good news and bad news for the pandemic, the stimulus bill and Brexit agreements. The Nasdaq rode the news up and down but eventually closed the week with a +0.38% gain. The closing range of 88% and 66% green body show another bullish week in a long rally.
The short trading week was not without its excitement. Financials (XLF) was the big winner of the week.
Merry Christmas Eve! The shortened session for the Nasdaq was mostly indecisive with the close just above the open and about an even amount of advancing and declining stocks.
All things considered, it could have been a lot worse. Trump’s threats to veto the stimulus bill seemed to have little impact at open. Initial Jobless Claims came in lower than expected. Despite a dip in personal spending and new home sales, the Nasdaq rose through the morning to make a new all-time high in the afternoon. It then turned and sold off sharply in the final minutes before close.