Well, 2026 is upon us already, so Happy New Year to everyone.
Last update was just before Christmas. On a closing basis, SPX has moved a grand total of 24 points since then.
It did manage to make a new high in-between, as expected, so that's nice.
As I ran through my chartbook tonight, all I could think was Gosh, what an exciting market.
Given that the near term has been nothing but chop for a long time (as just illustrated), we're going to focus on the big picture today.
The first key chart remains the chart below. As long as SPX keeps holding the blue and black breakouts, then bulls remain in charge:
The next chart shows why SPX has been stalled in this area: it's facing a long-term resistance trendline. So far, it's been bouncing around on either side of it, which isn't particularly revealing. If it can sustain trade above this, that would be a continued good sign for bulls:
In conclusion, it's genuinely impressive how little has happened in the past few weeks. Old trader wisdom claims we should "never short a dull market"... so worth keeping that in mind. Trade safe.
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