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The broad stock market continues to trend higher, with new all-time highs being made nearly every day.
Specifically, the S&P 500 index SPX, +0.10% has traded at and/or closed at a new all-time for the last five consecutive trading days (Dec 12-Dec. 18) and Nasdaq COMP, +0.19% has done the same.
This latest breakout to new all-time highs came after a brief pause at the 3150 area, so that is now support. Below there, support levels are evident at 3125, 3065-3070, and 3025-3030. The moving averages are all trending higher, as SPX has only closed below its rising 20-day moving average once since Oct. 4. We are about to enter the seasonally bullish “Santa Claus rally” period (beginning at the close of trading on Monday, Dec. 23), so that will probably add more fuel
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