VIX strengthening along with SPX suggests upcoming volatility

The stalling out in the SPX weekly chart continues to suggest upside progress in December might prove more difficult than the normal bullish seasonality seen during most years.  As has been discussed, the break of uptrends from October along with NYSE Advance/Decline uptrends are technical negatives.  Additionally, the weekly Ichimoku cloud lies directly above near 4100 which should be resistance on any further gains this week.  Moreover, cycles suggest a likely period of consolidation into Dec 21-23rd which should allow for some pullback in prices ahead of a final rally in the last week of the year.  Overall, this remains a difficult spot to place big bets ahead of a very busy week of economic and political developments.  My short-term analysis suggests a stalling out in this bounce into Tuesday/Wednesday at 4050 before turning back down.  3906 will prove to be important as support, and only if 4100 is exceeded will chasing this rally over the next few weeks prove correct. SPX above 4025 looks like a poor risk/reward.

SPX short-term pattern suggests resistance on gains Tuesday/Wednesday of this week

The short-term pattern remains bullish for a bit more upside progress into Tuesday.  However, prices are quickly nearing areas of upside resistance, and exceeding 4100 looks difficult this week ahead of likely consolidation over the next 6-8 trading days.

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