After it has declined twice to area 2630, the S&P 500 re-bounded for the third time to area 2800.
As we can appreciate from the chart, here we can either have the beginning of a breakout following the formation of a double bottom, or else another pull-back into negative territory due to the formation of a triple top.
The so called, Santa’s Rally, together with the positioning of the RSI and MACD, might gives us a more re-assurance that index is heading upwards. Reality though, such an assumption is a bit risky and I would wait a bit more to understand exactly where the index might be heading during the last month of the year.
Updates to follow up…