A Tone Change in 2017?

Index futures have begun 2017 with a gutless rally Monday evening that smells suspiciously like distribution. We’ll likely know soon. In any event, I’m going to hold off until the regular session begins and the chat-room discussion warms,  before I start to update touts with tradable targets.  If the big trends that have been in place since July — i.e., stocks and the dollar up, bullion and bonds down — are about to reverse, it might take a day or two before DaBoyz tip their hand. In the meantime, I’m as clueless as you are about what the new year may hold in store for investors.  When 2016 ended, the S&Ps had been stalled for two weeks at a rally target that was ten months in coming. The burden of proof will therefore be on bulls, but they might need a running start, in the form of an engineered swoon, to take out December’s ceiling. _______ UPDATE (12:11 a.m. Tuesday): Buyers are not backing off. See my ESH17 tout update for details, including a short-term rally target.