Today's shortened holiday trading session was pretty quiet as the Santa rally officially kicked off. It was essentially a melt up day from the market open and SPY hit new all time highs, leading the way with a 0.35% gain. QQQ and IWM weren't far behind with gains of 0.29% and 0.25%, respectively. The VIX also continued lower, closing at $13.47 - its lowest close since December 6th, 2024.
IWM did open below its daily uptrend support mentioned in the last update, but it ended up closing back above it which gives it a failed breakdown on the daily. This is bullish and starts a new daily uptrend for it. Support for Friday will be at about $251.80 with resistance from the prior uptrend (yellow channel) at about $253.80.
For QQQ and SPY nothing has changed since yesterday's update. They both remain in their current uptrends with no new trends starting.
The markets are closed tomorrow for Christmas and will reopen on Friday with normal trading hours.