Bulls have made zero progress after slightly exceeding the 2270.00 rally target shown nearly two weeks ago. Because the target had been ten months in coming, and because the pattern that created it is so clear, we should treat the stall as a possible prelude to a significant decline. It was reason enough to take profits on any contracts held on the way up — a strategy we employed with a tracking position we’d held from around 2185. Now I am suggesting getting short, albeit cautiously, since the TrumpSanta rally appears nearly spent. We should look to do this later in the week, since, if there’s a tone change and a big selloff coming, it’s likely to begin very early in the new year rather than at the end of this one._______ UPDATE (Dec 27, 7:46 p.m. ET): Zzzzzzzz. Today’s Whoopee Cushion bounce generated a bullish impulse leg on the hourly chart (A=2258.00 at 6:00 a.m.), but I doubt whether any C-D follow-through will get past the still-undetermined midpoint Hidden Pivot — especially since buyers stalled today for the umpteenth time at 2270.00.
