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OPINION

Tense But Edging Higher

The opinions expressed by columnists are their own and do not necessarily represent the views of Townhall.com.
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It’s getting cold outside, but it’s hot inside as the stock market continues to edge higher with an impressive session on Friday. There’s no reason for stocks to be higher on a day when few are bold enough to hold trading positions with profits over a weekend. With that session, the Dow Jones Industrial Average cleared a pivotal resistance point (and former support point) of 17,164.

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From here, the next big upside test is 17,500.

Tense Week

Last week, was a nip and tuck all the way with the market seesawing back–and-forth; the spurt late Friday made the difference. Nevertheless, looking under the hood, it’s clear the market is still indecisive.

Market Breadth - Volume

NYSE

NASDAQ

Advancing Volume

8.1 million

4.4 million

Declining Volume

8.7 million

4.0 million

One thing is encouraging; stocks are moving higher versus lower and new highs versus new lows.

Market Breadth - Movers

NYSE

NASDAQ

Up

1,753

1,527

Down

1,477

1,427

New Highs

131

153

New Lows

74

141

There are a lot of earnings reports due this week, beginning with Halliburton (HAL) and Morgan Stanley (MS) this morning. However, the session might feed off China’s third quarter 2015, gross domestic product (3Q15-GDP) data, expected to come in at a 6.7% growth.

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