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S&P & NASDAQ close lower for 3rd time in 4 trading days

  
Analysis, US Market

The major US in indices close lower as the end of year approaches. The so-called Santa Claus rally which encompasses the last five trading days of the year and the first two trading days of the new year is in day number three with two days ago to the end of the year. While three major indices are lower so far.

Today the Dow Industrial Average fell -1.1%. The S&P index fell -1.2% and the NASDAQ index fell -1.35%. For the Santa Claus rally, the Dow Industrial Average down -0.48%. The S&P is down -1.09% and the NASDAQ is down -2.56%.

Apple shares traded to new 52 week lows.

Amazon is also trading at new 52 week lows and trades at the lowest level since March 2020 when the stock traded to $81.30. The low today reached just above that level at $81.69. Breaking $81.30 would take the price to the lowest level since March 2019.

Google shares traded as low as $85.90. The low for the year reached $82.98 back on November 3rd.

In other markets today:

  • Spot gold is trading down $8.67 or -0.48% at $1804.40
  • spot silver is down $0.49 or -2.05% at $23.52
  • WTI crude oil is down $0.89 at $78.64
  • Bitcoin is trading at $16,579. After trading as high as $16,772 and as low as $16,559

In the FX market, the NZD is ending the day as the strongest of the major currencies. The AUD was also stronger just behind the NZD in the race for the strongest, but gave back a lot of the gains in the US session. The JPY is ending as the weakest of the majors followed by the CAD. The USD was weaker at the start of the day, but is closing more higher than lower with gains vs the EUR, JPY, CAD, and declines vs the NZD and the AUD. The greenback was unchanged vs the GBP and CHF.

European indices close mostly lower. UK’s FTSE 100 rises.

  
Analysis, Education

The major European stock indices are closing the day mostly lower. The exception is the UK’s FTSE 100 which saw gains on the day, but is all of its highs. The UK FTSE 100 was up 73.98 points at its peak. It is closing with the gain of around 29 points.

A look at the clothing levels it shows:

  • German DAX, -0.46%
  • France’s CAC -0.59%
  • UK’s FTSE 100 +0.39%
  • Spain’s Ibex -0.10%
  • Italy’s FTSE MIB -0.5%

Looking at the hourly chart of the German DAX, the recent rallies have been able to find sellers well ahead of the following 100 hour moving average (blue line in the chart below). Stay below the 100 hour moving average currently at 14074 (with the current price at 13925.59), is more bearish in the short term with more work to do. The low from last week reached reached 13791.52. That is the next target followed by the 38.2% retracement of the move up from the September 29 low. The low comes in at 13602.86.

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