Santa Claus Rally…

From the latest daily chart for the SP500, the price actions show no sign of a Santa Claus rally is to occur soon. After couple failed attempts to move above the H&S neckline, the SP500 has dropped back into the 1101-1200 trading range. With declining 50/100/200 SMA and a declining 20 EMA, any rally will likely to be short lived and will likely encounter resistance at one of the moving average or the upper bound of the trading range near 1220.