The S&P looks like it's about to offer a couple days of weakness, but there should be support at the 20-day MA, if not the 50-day MA. Watch action at these two levels.
The Russell 2000 had enjoyed the strongest advance (as measured by relative strength against the S&P) since mid-November, but this strength has also left it most exposed to potential sellers. The 50-day MA is a logical support level. There is also a 'Golden Cross' between 200-day an 20-day MAs to look too.
The Nasdaq was caught in the middle of the two extremes of Small and Large Caps. It has the 50-day MA as nearest support, with the 200-day MA next up.
The key for all of these indices is that the swing low holds at support. This keeps the Santa Rally intact. The good news is that all key moving averages are running above such lows. Watch the next few days with interest.
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