DOW Friday closing price - 18867

The DOW made yet another new all-time intra-week and weekly closing high (the 3rd in a row) and closed on the high of the week, suggesting further upside above last week's high at 19152 will be seen this week.

The DOW has no resistance above and the 20,000 level will become a psychological magnet now that the index has gotten above 19,000. By the same token, the bulls are facing a highly probability that the Fed will be hiking interest rates on December 13th and some profit taking prior to that announcement is likely to be seen.

To the upside and on an intra-week basis, the DOW has no resistance other than "general" resistance around 19300, which is 300 points above the 19,000 level.

To the downside and on an intra-week basis, the DOW shows very minor support at 18806 and then nothing until minor again at 18468. Below that level, there is minor to perhaps decent support between 18247 and 18295. On a daily closing basis though, some support will be found at the previous all-time daily closing high at 18636 (18576 on a weekly closing basis).

The probabilities strongly favor the DOW having another positive week this week, at least through Thursday. The end of the month is on Wednesday and given that it was a positive reversal month and the index is likely to close on or near the highs of the month, further upside above whatever this month's high will likely be seen on Thursday (first day of December) in spite of the ISM Index report that comes out that day. Nonetheless, after Thursday, it is anyone's guess as to what will happen, given that the Jobs Report is on Friday and the Fed will be raising interest rates in December. In addition, this entire rally has been based on speculation as to what the Trump Presidency will bring to the table and given that none of that is yet "set in stone", the possibilities of higher prices the following week are no better than 50-50.

Probabilities favor the bulls in the DOW this week, at least for the first 4 days of the week.

SPX Friday closing price - 2213

The SPX made a new all-time intra-week and weekly closing high this past week and closed on the highs of the week, suggesting further upside above last week's high at 2213 will be seen this week. The index had been lagging behind the other 2 indexes as the DOW made a new all-time high 3 weeks ago and the NASDAQ did it 2 weeks ago but now they are all on the "same page".

Based on the Fibonacci formula, the SPX has a 2285 objective, which actually compares with the DOW reaching the 20,000 mark. Nonetheless, like with the other indexes, reaching that objective may not come in a straight line upward and will have obstacles to overcome.

To the upside and on an intra-week basis, the SPX has no resistance above. On a "general" basis, resistance is likely to be found at 2230 (30 points above 2200).

To the downside and on an intra-week basis, the SPX now shows very minor support at 2172 and at 2168, minor at 2160 and at 2157 and short-term pivotal at 2147. On a daily closing basis, support will be found at the previous all-time daily closing high at 2190 (2186 on a weekly closing basis).

Even though the SPX is expected to go higher from the levels seen last week, the index is in a precarious and possibly fragile state, given that no support has been built during this rally that started on November 4th from 2083. Every single day (14 in a row) the stock has had higher lows than the previous day, meaning that if and when a correction starts, the only level of support that the traders could look at is the previous all-time high daily close at 2190, and previous all-all-time high daily closes are not considered dependable support levels as no previous "low" is involved.

Nonetheless, exclusively from a "general" support/resistance outlook, the SPX could get into a 2170-2230 trading range up until the Fed rate decision on December 30th.

Probabilities favor the bulls in the SPX this week, at least for the first 4 days of the week as the index will also likely close on the highs of the month on Wednesday and likely go above the months high on Thursday.

NASDAQ Friday closing price - 5321

The NASDAQ confirmed the previous week's new all-time intra-week and weekly closing high, having made another one this past week. The index once again closed on the highs of the week, suggesting further upside above last week's high at 5398 will be seen this week.

The NASDAQ has now gone above the previous all-time intra-week high at 5342 and distanced itself enough above the "general" resistance at 5300 that the bulls now have "open air" above to carry the index as far as they can take it.

To the upside and on an intra-week basis, the NASDAQ shows no resistance above.

To the downside and on an intra-week basis, the NASDAQ will now show minor support at 5350 and then nothing until minor to perhaps decent at 5251. Below that level, there is no support until minor support is reached between 5166 and 5171. On a daily closing basis though, minor but possibly pivotal support is found at the previous all-time daily closing high at 5339 (5312 on a weekly closing basis).

It is interesting to note that the NASDAQ is having a positive outside reversal month this month in which the index went below the previous month's low and is now above the previous month's high (October) and likely to close on the highs of the month on Wednesday. This same scenario has occurred 4 times in the past 7 years and with one exception (October 2014), the index did NOT see follow through the following month and generated 2 months of red monthly closes in a row. As such, it will be interesting to see what the index does on Thursday, which will be the first day of December and a day when the ISM Index report comes out.

Probabilities do favor the bulls in the NASDAQ this week.

The Bull run (off of the Trump win) continued strongly this past week with all indexes making new all-time highs and closing on the highs of the week, suggesting further upside will be seen this week. With no resistance above and the likely Fed interest rate hike on December 13th likely probably factored into the market, there seems to be nothing to stop the momentum from carrying the indexes higher, especially considering that the DOW is now firmly above the 19,000 level that the magnetism of the 20,000 will beckon strongly.

The rally in the market now seems to be evenly matched across the 3 indexes, given that the DOW has moved up 6.7%, the SPX has moved up 5.9% and the NASDAQ has moved up 6.8% from the lows seen the first week of November, right after the election results came out. The initial run into the safety of the Blue Chip stocks seems to have worn off and speculation is now rampant "across the board" that Trump will bring higher prices to the market in general.

The 2 most important economic reports for the month come out this week, with the ISM Index coming out on Thursday and the Jobs report coming out on Friday. Nonetheless, since these reports are not likely to be much out of line and even if they are, they represent the Obama era and not the Trump era, it is likely they will have no effect on the market.

What may be of interest this week is that the end of the month is on Wednesday and December starts on Thursday and having all had positive reversal months into new all-time highs, how the indexes start doing the first day of the new month may be indicative (chart-wise) of what the traders will be doing during the entire month. The fact that this rally (and new highs) has been "all" speculation about the new Presidency could mean the traders may have "over done it to the upside" and that some profits will be taken in December and January as the traders wait to see what Trump will "actually do" rather than what he is expected to do. As such, with the big economic reports and the change of month, it is likely to be the time that some "clues" occur, if they are to occur.