More Like a Noir

Even during overall bear markets, the month of December can often feature typical holiday cheer like a Hallmark movie this time of year. 

Thus far in 2022 that is certainly not the case. 

Since the big rally back on November 30th the price action across most markets is some of the most tedious action I can recall, especially for this time of year. No, the has been no Hallmark film, but much more of a shady film noir than anything else, with nefarious creatures lurking in the shadows. 

That said, the month is only a little more than half over--When you factor in the coming holidays, that is. The window for some holiday cheerful trading is still open but it is closing by the hour at this point. 

In other words, with the Russell 2000 Index (IWM ETF, below, for those small caps) gapping down below all moving averages on the daily timeframe the pressure is on bulls to mount a reversal pretty much right here right now. 

For a few weeks now I have opted to simply not take on new risk with Members. But with this action I am debating simply heading to the sidelines totally until further notice.

3900 on the S&P 500 looks like a minimum closing price battleground on the day, though we are losing it as we speak.