Stock Market Today: Weakness Widespread

December 29, 2020, 2:26 pm EST

Weakness Widespread

Early gains at the opening were wiped out completely. All indexes are in the red color and DJIA is down more than 100 points at this moment. 

There is no obvious news to drive down the market but it is time to be cautious after stock markets got big gains in the past three months: DJIA +10%, S&P 500 +12%, Nasdaq 16%. Nasdaq made a shocking +43% gain for 2020 vs S&P 500 +15% and DJIA +6%. All indexes claimed historical intraday highs today. Thus, it should be reasonable to expect a certain pullback. 

As mentioned yesterday, mega tech Amazon (AMZN) is strong with +1.6% gain and made a breakout from its pattern. AMZN is worth attention if it begins another uptrend rally. 

There are no new leaders today except Intel (INTC) up +4% and JD (JD) +5%. 

Major focus is still on the development of COVID-19 and vaccines. Its impact to the economy should be revealed in the next earning report. 

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