The Momentum Change recognized 11/16 as a Sell Signal is still in effect, with an initial target of 1165.
Mr Market is recognizing a problem still exists in Europe, with the ECB deal offered to Ireland not yet done. And Portugal looking to be the next in line for more Euro credits.
In the domestic market, the SPX is trying to get back into its down trend channel first created 11/16. With any luck, today will be the day the Bears resume their control. At least for the short term.
It is possible for another rally to develop before the substantial decline we look for in mid December, but it is unlikely at this point that any short term rally will generate a momentum change sufficient to generate a Buy Signal.
Bill
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