Weekend Analysis

(12/19/15)

After this weeks action the S&P 500 is down 2.6% for the year.  As I have mentioned before every year that has ended in a "5" since 1885 has finished with a positive return in the S&P.  So the question is can they get the S&P 500 back above the 2059 level by the end of the year?  

If the S&P 500 is going to rise back to the 2059 level by the end of the year it really needs to hold support early next week in the 1994 to 1987 range.  1994 is the 50% Retrace from 1872 to 2016 while 1987 is along the newly developed downward trend line.

Meanwhile as I mentioned last weekend several indices are exhibiting Head and Shoulders Top patterns.  If we look at the Equally Weighted S&P 500 for example Neckline support is near 2950.   

Furthermore looking at a 10 year chart shows the long term upward trend line (black line) from the 2009 low coincides with the Neckline (green line).  Thus the 2950 area appears to be a major support area for the Equally Weighted S&P 500.   

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