Santa With Some Reservations

Looking at the shorter term charts, there are some signs that we might see a retracement, though, with Fed tomorrow, any retracement may need to wait until then. There is a possible case for NQ to backtest the weekly pivot at 6344. Intraday Video – Update on ES, NQ, and TF:

On the SPX daily chart, I’ve been showing the possible bigger picture resistance trendline being tested, and that’s still being tested, on quite a bit of negative RSI divergence. Significantly higher targets on RSI require at least a temporary break of that trendline. SPX daily chart:

The Fed tomorrow are an obvious potential market mover obviously, and quadruple witching expiry this week argues against any serious move until next week. Seasonality argues against any serious retracement in the next two weeks until Xmas is out of the way.

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12th Dec 2017

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