Bonus

Back above the 200MA but with weak OSC. Looks like Wall Street wanted their xmas bonus.

Price action looks weirdly similar to mid august, before the waterfall.

Happy Christmas, everybody.

Chart of S&P500 for 24 December 2015

 

Failure

Technical failure on a number of levels, making the current action look rather bearish moving forward.

Strong support on the 2000 rising Gann line.
If this fails then a re-test of the september / august lows seems very likely.

Chart of S&P500 for 21 December 2015

Cover at 2045

With the last drop into the close, a cover signal triggers, and short signal flashing.
Also failure of the 200 again.

With a 30 point decline into the close, it would be pragmatic not to go short but to wait for a bounce and see today.

Arms at 3+ also suggests a selling climax.

Chart of S&P500 for 18 December 2015