Dow leads the way today. Major indices close the year in the red after a dismal December
The major indices scratched out smallish gains on the last trading day of the year. The final numbers are showing:
- The S&P index rose 21.27 points or 0.86% at 2506.95
- The Nasdaq rose 50.76 points or 0.77% at 6635.28
- The Dow rose 266.01 or 1.15% at 23328.41
For the month it was the worst December since 1931. Biggest percentage drop for a month since February 2009 for the S&P and Dow and November 2008 for the Nasdaq.
- The S&P fell -9.18%
- The Nasdaq fell -9.48%
- The Dow fell -8.66%
For the year, the major indices are ending with the worst year in stocks since 2008, giving away double digit gains in an end of year swoon.
- The S&P fell -6.24%
- The Nasdaq fell -6.24%
- The Dow fell -3.88%.
Not a good year for the major indices.
Looking at the weekly chart of the S&P, the fall from the end of September/early October highs corrected to the 50% of the move up from the 2016 low at 2375. The extreme low reached the 200 week MA (green line) and the price has rebounded back to the broken 38.2% at 2508. In 2019, the 100 week MA at 2612.40 will be a barometer for the buyers and sellers. Stay below is more bearish. Move above and the bias could shift back to the upside.
