The major averages each posted gains last week, but it wasn’t a smooth ride. We saw support levels tested successfully in the previous week, and a nice lift from Monday into Wednesday morning as a result. From there, stocks worked lower thanks largely to a hefty downside gap Friday morning on the heels of fiscal cliff “Plan B” falling through.
The coast still isn’t clear, and with a number of year-end cross-currents added to the ongoing fiscal cliff worries, it’s sure to be an interesting end to 2012.
As we head into a holiday-shortened week of trading, it’s time once again to take a look at the indexes and the key levels they’re dealing with. This will impact how individual names move, so it’s where every new trading week begins.
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