The SPX Premarket is down 5 points as I write. That is not enough in itself to declare that the top has been made, but today happens to be a combined Trading Cycle and Primary Cycle Pivot. Confirmation may come with the decline beneath the 50-day Moving Average at 2066.04 and/or the 2-hour mid-Cycle support and trendline at 2061.18.

ZeroHedge reports, “With just two days left in 2015, the main driver of overnight global stocks and US equity futures remains the most familiar one of all of 2015 -crude oil, which, after its latest torrid bounce yesterday has resumed the familiar "yoyo" mode, and again stumbled dropping below $37 on yesterday's surprising API 2.9 million crude inventory build, as well several more long-term "forecasts" by OPEC members, with Kuwait now budgeting for $30 oil, while Venezuela's Maduro said the oil price fell to $28/bbl and is "headed downward."

As we warned yesterday, with oil equities reflecting an implied oil price of $65-70, this is hardly supportive of energy stock valuations.”

VIX is below its daily mid-cycle resistance at 16.81 and its 50-day Moving Average at 16.84. Once above both, VIX is on a confirmed sell signal again.

TNX has made its target this morning and may resume its decline shortly. The first evidence of that would be a drop beneath 23.00, the approximate location of its Triangle trendline.

Crude oil is in the news again this morning as the WTIC futures made a low of 36.71 earlier this morning. A new short signal comes at the Head & Shoulders neckline, but there are investors who have been short since the end of October and that signal hasn’t changed.

Regards,

Tony

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