The bulls were able to make some progress during this short trading week. SPY gained almost 3% to close at $205.68. If you have been reading my writing for the past few months, you would have noticed that I have been bearish on stocks. For now the long-term bearish case remains alive and well. There is plenty of resistance in the $206-$208 area. This Christmas Eve’s action was notable for the fact that markets sold-off literally in the last 5 minutes of trading to close in the negative territory for the day. One could argue that a shooting star candlestick was printed on Friday. This was all on holiday volume though, so I would like to see more confirmation of resistance next week.Read rest of this post here

Although the weekly losses for the S&P 500 ($SPX) was only 0.34%, the manner in which this loss occurred is indeed concerning if you are a stock bull. The past two weeks saw increased volatility in many asset classes due to the speeches by chairs of both the European Central Bank and the Federal Reserve. The initial reaction to Janet Yellen’s announcement of a ¼ percent interest rate rise was positive, but things completely fall apart by the end of the week. Chart of SPY now shows a confirmed Bearish Engulfing (Outside reversal) pattern. Friday’s close also put the ETF below its November low for the 2nd time this week.
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The topping process continues. Perhaps once we roll over into an outright bear market, it would be called the Commodities Crisis? This week sellers came back with gusto and no sector was spared. Energy again led to the downside, but financials was the close second with XLF loosing 5.37% for the week. 
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​Really a wild week with lots of market-moving events occurring within a short period of time. The markets perceived Mario Draghni’s speech on Thursday negatively. Friday’s positive reaction to the jobs report almost completely negated the Thursday’s drop. Overall the S&P 500 barely moved for the week as it added 0.06 points or 0.03%. I still think that we may have a bona fide Outside Reversal on the chart of SPY and if I am correct, we should see at least a retest of November lows soon.
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