Market Analysis for Dec 1st, 2003
By Mike Paulenoff, MPTrader.com
The indices were strong going into the holiday weekend and maintained their buoyancy right into Friday's early close. Then in overnight trading the stock indices popped on the upside for modest gains. However, this morning's data from the Institute of Supply Management was much better than expected for November manufacturing output. That really sent the indices considerably higher, and as speak the E-mini S&P is up about 10 points, right off its high of 1068.75, and the E-mini Nasdaq is up a big 17 points at 1442.
The interesting part about today is that all this strength is part of the same upleg from the last pivot reversal to the upside, which occurred on November 21. That was down at 1030