The current rise in the stock market is moving along at a much healthier pace than was once seen from November 20, 2008 to December 15, 2008. We are now moving at a rate that will seem to trade in an uneventful range yet move incrementally higher.
As I stated in my post on December 10th, the market has three upside targets. Of the three targets for the Dow Jones Industrial Average, we have crossed the first, at 8943, with strong movement but weak volume. As of the close of market today, the Industrials are 609.90 points away from the next critical level on the index.
The Dow Jones Transportation Average has moved above the resistance level of 3692.57 by closing the day at 3717.26. This movement matched by the Industrials is proving constructive for the direction of the market.
The overall negatives for this stock market is the fact that volume hasn't been overwhelming. We need trading volume in the stock market to pick up in order to help confirm the trend. Also, the Industrial Production Index has fallen to 106.1173 in November from 106.7786 in October. While the Industrials and Transports are supposed to be leading indicators for the economy it would be nice to see the IPI move higher from the current levels but I wouldn't be surprised to see it move lower.
As I stated in my post on December 10th, the market has three upside targets. Of the three targets for the Dow Jones Industrial Average, we have crossed the first, at 8943, with strong movement but weak volume. As of the close of market today, the Industrials are 609.90 points away from the next critical level on the index.
The Dow Jones Transportation Average has moved above the resistance level of 3692.57 by closing the day at 3717.26. This movement matched by the Industrials is proving constructive for the direction of the market.
The overall negatives for this stock market is the fact that volume hasn't been overwhelming. We need trading volume in the stock market to pick up in order to help confirm the trend. Also, the Industrial Production Index has fallen to 106.1173 in November from 106.7786 in October. While the Industrials and Transports are supposed to be leading indicators for the economy it would be nice to see the IPI move higher from the current levels but I wouldn't be surprised to see it move lower.
