December’s monthly candle produced a spinning top (trend reversal bar). This, also occurring at the halfway back retracement from the all time highs to recession lows gives the bears some merit.
The NASDAQ on the other hand closed above its 61.8% retracement and has been the leading top line figure for some time now. Volume was minuscule, but that is expected for the month of December. The VIX was tame staying in the low 20’s. Look for volume and market action to pick up in Jan.