Replies to post #19514 on Market Direction and Stock Trends

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Mike Burk: Technical Market Report

* December 10, 2016

The good news is:

• All of the major indices closed at all time highs last Friday.

The negatives

The market is overbought.

The positives

Last week new lows disappeared while new highs soared to their highest levels in several years and the secondaries continue to lead the way up.

Seasonality

Average returns for the coming week have been positive by all measures and stronger during the 4th year of the Presidential Cycle than other years.

Conclusion

The major indices hit all time highs and the breadth indicators finally caught up with them. Seasonality is positive for the rest of the month.
I expect the major averages to be higher on Friday December 16 than they were on Friday December 9.
Last weeks negative forecast was a miss.

Good Luck,
Mike Burk

http://www.safehaven.com/article/43246/technical-market-report-for-december-10-2016

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