Corey Rosenbloom: Let’s take a quick holiday week peek under the bullish price action to view the end-of-year message from current S&P 500 (NYSEARCA:SPY) Market Internals.
We’ll take the chart step-by-step.
We focus on price action – particularly key levels – for structure, targets, trade-planning, and trade management.
After the Federal Reserve’s December ’surprise’ (see prior posts: “Comparing Daily Volatility and the Fed Day“), the US Equity Markets have rallied non-stop from December 18th.
Market Internals – seen here with NYSE Breadth ($ADD), NYSE TICK ($TICK), and NYSE Volume Difference of Breadth ($VOLD) – showed two bullish spikes or signs of strength that confirmed the breakout and suggested additional upside price action was likely.
Price action did indeed drift higher, pushing above all-time highs in an upward intraday drift throughout last week’s holiday week.