I can't this market as bullish at all.Sure we had 7 down days...

I can't this market as bullish at all.

Sure we had 7 down days and sentiment is probably too bearish.

At the same time this sideways movement has allowed intraday readings to go from oversold to neutral or positive thus setting up plenty of downside room.

US futures up quite a bit and expiry tonight.

So the open will be probably good but how it finishes is another thing.

I do agree that we will probably get a few good days into NY/early Jan but we may be starting a bit early.

Last month SPX looked like it had no chance of holding 12 period ma on monthly but did in the last 2 or 3 days.

This month the figure is around 1478.

We are just holding weekly price on a log trend since 2003 but the divergences and indicators are not looking promising.

Have to agree that nothing is busted yet.