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Assessment: We had some action last week, and the action leaned to the bears, but the bulls weren’t ready to retreat just yet. We start to see a pickup of catalysts on the economic calendar so that could create some movement. We also had decent volume last week which was pleasant to see and now I am curious if it carries into this week. Much of this is watch and wait a little to get hints as to whether last week’s selling was just dumping Santa Claus rally plays and locking in those profits, and then we bounce up from here, or the start of larger institutional selling. This week should see no excuse for weak trading. All traders should now be back from the holidays and vacations. I think we can expect some directional hints to where this market is going in the coming weeks as this current week goes along.
Good luck in your trades!