The SPX Premarket is down nearly 8 points as I write. It is possible that it has formed another Triangle formation, just as it did prior to the August panic. If so, we may see a break to the downside sometime this week. Most other analysts are focused on the idea that this is bullish. A break of the lower trendline will be proof that it isn’t.

ZeroHedge reports, “The last trading week of 2015 begins on a historic precipice for stocks: as reported over the weekend, the U.S. stock market has not been lower for any year ending in a “5” since 1875.”

Crude is back on a decline. “While everything was awesome last week (apart from the last 10 minutes), it appears lower oil prices this week (WTI just crossed back below Brent's price and under $37 once again) is not "unequivocally good" for US equity markets. Following the bloodbath in China's "B" Shares overnight, traders are hoping this pain will stop once the machines "get back to work" at 930ET...”

You can see that TNX has the same type of formation as SPX. This similarity is no accident, as TNX is on an Ending Diagonal while SPX appears to be on a Leading Diagonal (Wave (1).

The edge of the huge Midwestern ice storm is just 30 mile south of us at this time. It is threatening about a half inch of ice during the day, so I may be without power or internet for a while.

Regards,

Tony

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