SPX closed right around the down trend line again. The lack of a bounce today and the lower close means the bargain hunters were missing in action. Will they come back after the holiday? Lets zoom in to the 195 minute SPY chart.
The 6 SMA has clearly crossed below the 18 SMA for the first time since the rally started. The 18 SMA is starting to roll over also. This chart is starting to turn negative. Will the bulls show up and save the day? I think that will all depend on the talk out of Washington. I don't expect any deal, so I would not expect the bulls to show up. This could surprise people (or me if I am wrong) as I think the majority still expect a deal. As we get closer to the end of the month with no deal, the market may care more and more about it.
Happy Holidays to all that celebrate this time of year. Safe journey to all that are traveling this week. For everybody else, Happy Week.
Bob
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