We may not see a Santa Claus rally if this head and shoulders pattern on the 60-minute chart of the SPX breaks below it’s neckline of 850-860. A break of support would project to an 820 target. The past few days of this holiday trading week have seen volume dry up, and volatility drop.
Do you remember what happened last year after Christmas. I’ll refresh your memory below. We don’t always get a Santa rally.
