SPX Update: Merry Christmas to All, and to All a Good Night

Christmas week is upon us, which means that 2026 is just around the corner, which means we finally get the flying cars we were promised in 1980s sci-fi movies.  At least, that's what I'm hoping.  Given that we were basically promised those by the early 2000s, I feel like we've waited patiently for long enough now.  2026 will officially put as past the quarter century mark.  Which means: it's time.  I, for one, plan on writing my Congressional leaders to demand Flying Cars for 2026.  No more flimsy excuses and bureaucratic red tape!

Market-wise, last update noted that bears would need to sustain trade below 6720 to get things going, and so far, they've failed to do that -- meaning I don't need to change Friday's annotations:

Bigger picture... I basically never do this, but a reader called it to my attention that what I'd written on Friday's chart about "lower red" could mean a different red line than I had in mind, so I adjusted Friday's annotation in the interest of clarity:

In conclusion: Right now, there's nothing particularly bearish about the charts, but it's worth knowing that even if SPX makes a new all-time high soon, the complex expanded flat will remain an option for a time, until SPX sustains trade above the all-time high. Again, the complex flat (first chart) is not a prediction -- just an option the market can take if it wants to throw another curveball.

Wednesday is Christmas Eve, and as has been my long-standing policy, I'll be taking Christmas Eve though New Year's off from the updates (barring unusual circumstances, those are really the only days I usually take off for the entire year) to spend time with family.  Since Jan. 2 is a Friday and I have family on island from the mainland (through mid-January, actually), I'm going to take Jan. 2 off as well and the updates will return on Monday, Jan. 5.

Which means, this is where I wish all my readers a Merry Christmas and a safe and prosperous New Year.

It's also become a long-standing tradition to link to a nonmarket piece: A Christmas Story: Reflections on What Matters -- which, for those who haven't read it, is a memoir piece I penned (12 years ago now) about my mother's untimely death. 

Thanks for reading.  Thanks again to those of you who support this publication -- you are genuinely the ones keeping this whole thing going.  Have a pleasant holiday season -- and please drive, trade, and be safe.  Merry Christmas!