Quiet holiday action remained constructive, with no surprises besetting the market on Friday’s short three-and-a-half hour trading session. The NASDAQ Composite Index posted a new all-time high on Friday on truncated volume, thanks to the short trading day. Within that context we would not call this a wedging move to new highs any less than a light holiday volume melt-up.
The same goes for the S&P 500 Index, which also logged a new high on light holiday volume. It was the first time the index has ever closed above 2600, so Friday’s action marked a milestone of sorts, at least for those who pay attention to such stuff. There were no S&P 500 2600 hats to be seen on the floor of the New York Stock Exchange, however.
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