$SPY closed slightly under the 200 day SMA which is a signal of a lack of momentum, and shows the high potential for more downside before a bounce in price.
RSI at 47.72 shows a lack of momentum and that there is still room for more downside.
The $NYMO at 9.01 is very neutral.
The MACD crossover is still bullish, but almost flat, signaling a lack of momentum.
The market remained range bound for 2015, finishing down .81% on the year. With only one 10% correction.
We should see volume return on Monday after the holidays when traders and money managers get back in the game.
The theme of the current price action and technical indicators is that there is no edge or strong signals, either long or short, and that we need to see a breakout, overbought levels, or oversold levels before making any trading decisions.
In the intermediate term, the stock market is range bound, and this market that will reward buying fear and selling greed.
I am currently flat with no positions. I am looking primarily to buy deep dips in 2016 near the 30-35 RSI in the Indexes.
