Just Hangin Around - Market Analysis for Dec 26th, 2023

The SPX is not really doing too much today, other than levitating over support.   So, there really is not much for me to add to the weekend analysis.  

As you can see from the attached 5-minute chart, this will likely resolve in one of two ways.  Either the market is going to give us a corrective pullback in the coming days as outlined in the blue count, and then rally through the 4800SPX region thereafter on its way to the 4900+ region.  Or, we are going to top out in the yellow a-wave and break down below the 4690SPX support, and signal that a b-wave pullback is in progress.

Clearly, since I am not a prophet, I cannot tell you which way this will break, but I certainly can provide the parameters so that you will know when I know.   

Ultimately, I am expecting the market to be able to rally to at least the 4997SPX region before this wave [5] of the ending diagonal off the October 2022 low completes.  As long as we remain over 4690SPX, it can be a more direct path.  But, should we break 4690, then it will be an indirect path, as outlined by the yellow a-b-c structure.