Impressive resilience in the market since late October, with even Fed rate hikes getting bought. We’d say the market is overdue for a correction, but we’re only a week from the start of the traditionally strong period around Christmas and New Year’s. The Dow (first chart below) took out 10,670 resistance today, with only 10,700 and 10,753 sitting between the index and new highs for the year. Support is 10,650 and 10,600. The Nasdaq (second chart) couldn’t make it past 2165 resistance today. If it can, the 2200-2300 level is a major resistance zone. Support is 2150, 2140-2145, 2132-2135 and 2125-2128. The S&P 500 (third chart) cleared the important 1200 level today. Above 1205, 1227-1244 could be the target. Support is 1197-1200, 1195, 1190, 1185-1187 and 1176.
