This market seems to have no desire to move lower yet plenty suggests it should. For the bulls it’s the Wes Welker market where every 3rd and short is met with a catch and the bears get pushed aside as the end zone gets closer. The question is though just how far away is that end zone? I don’t know but the index has given a buy signal 88 straight trading days (that all the way back to September 8th).

1294.52 is R2 for the January opex so I’m expecting the settlement price next Friday to be under that level. I wouldn’t be surprised to see a test of 1300 before a pullback under R2. In fact, I’d be surprised if we didn’t test 1300.