Markets closed the year with the S&P and the Dow losing roughly 1%, The Russell down 4%, and the Nasdaq up 6%. China closed the year up over 6% The Dollar is up over 8%, gold down just over 4%, and copper is down over 20% and still below 8/24/15 crash levels. Oil is down over 30%. Bonds are down just over 4%.
Markets looked strong through the week, although on very light volume, but closed a bit ugly for the final day of the year.
/ES fell below its 10ma, forming a short term double bottom towards the 2075 level if can hold Thursdays end of day sell off, however that same price action that formed the double bottom has triggered vM to 2000.5
It also has a gap just below at 1994, a vM to 1951 which is triggered, and vM to 1903.5 formed that will be triggered if /ES cant hold gap at 1994.
The Russell is below all major ma's and hourly macd is negative. vM to 1065 is triggered.
The Nasdaq is also below its 10ma, with the 10ma just under its 50ma.
The Dow below all ma's as well.
Nikkei, also below ma's.
Waiting for the Dollar to trigger a move towards 106.9 or 93.86
Bonds are currently below all ma's, but they are showing some bullish convergence.
Gold still has a double bottom if can hold 1045.4
Copper still bouncing back and riding up the 10ma, which is converging on the 50ma.
Oil still has a vW to 41.34 triggered. Break below 34.53 nulls. The execution of al Nimr could spark some volatility in oil, although I still don't think Saudi Arabia will cut production, which is the main reason driving prices lower.
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