Sterling Market Commentary for Friday November 30th, 2012
A Look at Thursday’s Market: The overall market moved moderately higher on Thursday in a broad based move that saw almost every sector I track move higher as well. I am not sure what is really driving the market at this point in time as I do not see any evidence of a realist deal on the Fiscal Cliff issues any time soon. I fact, I think the sides in Washington DC are further apart
A Few Thoughts on Friday’s Market: After having the majority of the last several trading days being to the upside, I see a good chance that we could see the market lower today.
The Dow Jones Industrial Average: The Dow Jones Industrial Average closed at 13,021.82 I see upside resistance on the Dow Jones Industrial Average at 13,115.54 on a closing basis. I now see downside support coming in at 12,715.93 on a closing basis. Current Expectations: I think we are starting a new trend lower in the Dow. I am expecting the Dow Jones Industrial Average to continue to move lower and test 12,715.93 on a closing basis.
Dow Jones Transportation Average: The Dow Jones Transportation Average closed at 5,145.35 I continue to see upside resistance on the the Dow Transportation Average at 5,215.97 and downside support at 4,873.76 and then at 4,795.28. Current Expectations: I think the Dow Transports are going to track sideways between support and resistance for the foreseeable future.
S&P 500 ‘SPX’: The S&P 500 closed yesterday at 1,415.95 I currently see upside resistance on the S&P 500 at 1,419.04 and downside support on the S&P 500 at 1,359.88 and then at 1,343.36 Current Expectations: I think the S&P 500 is going to move lower and test 1,359.88 and then 1,343.36 on a closing basis.
NASDAQ 100 Index ‘NDX’: The NDX closed yesterday at 2,680.03 I see upside resistance on the NDX currently at 2,741.34 and downside support at 2,524.36 on a closing basis. Current Expectations: I think the NDX is going to continue to move lower and test 2,524.36 and then 2,458.83 on a closing basis.
The Bottom Line: I think the market will continue to move lower for the next few trading sessions.