Bias on Stocks Remains Positive Despite Narrow Ranges

December 28, 2016 2:43PM CST

Global equity markets were mixed slightly positive overnight with the markets potentially getting some lift from a strong improvement in Italian and Japanese economic data. We are expecting some positive US scheduled data later today and the 20,000 Dow watch might be expected to attract some buying interest once again. The biggest threat against the bull camp today, however, might be reduced volume and narrow trading ranges.

Up-trend channel support in the March E-Mini S&P can be seen at 2255.75 today and that support line rises to 2257.15 on Thursday and to 2258.60 to end the year on Friday. For now the bull camp holds the edge with that “20,000 Dow” mentality as a potential main focal point to the trade. Without something damage as a result of scheduled economic data or a negative holiday sales anecdote, we have to leave the edge with the bull camp today.

 

Emini Daily

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