The overall market has been moving sideways for the last month or so.  We have very few leaders right now, but the market could be set-up for a new move.  Let’s take a look at the S&P500 for this new move.

The S&P500 has been vacillating in channel from about 1,080 to 1,120 for the last month.  The 50 day moving average (rising blue trend line) is still intact, which is bullish.  This index could break out of this channel sometime soon.  The key points to watch are: 1,119.13 to the upside and 1,083.74.  Will get get a run-up into the Santa Claus rally or will the rally breakdown?  These key points will be my indicators going forward.