Despite the late afternoon mini collapse, it was really just another bullish day, with the SPX breaking a new historic high of 3682, and settling -2pts (0.1%) to 3666. Meanwhile, WTIC settled +36cents (0.8%) to $45.64.
sp’weekly1b
WTIC daily
Summary
sp: Whilst the s/t setup does lean to the bears, with a new historic high, it has to be seen as just another week for the bulls. I would note the weekly 10MA at 3500, which looks very secure into year end. Tom Lee’s 3800 target remains just within reach.
wtic: a second daily gain for oil, as the door remains wide open to psy’50, and secondary of the 52s. The broadly weak dollar sure is helping to pressure price upward.
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Looking ahead
Friday will see the latest monthly jobs data from the BLS, intl’ trade, and factory orders.
Earnings: BIG, TRX
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PF chart of the day
The computer has a very bullish target of the $66s.
United Airlines, monthly
The November close above the key 10MA was decisive, and UAL continues to ascend, today breaking above the June $48s. Monthly momentum is set to turn positive at the January 4th 2021 open, and in theory, offers broad upside into the spring.
Next resistance is not until key price threshold of the $70s, and that is a clear FORTY percent to the upside. If correct, arguably massive implications for the sector, and also the main market.
Goodnight from London