You can see the general decline over the year on the 100 Day Averages, despite the bullishness of the market indices.
This is a chart of various Moving Averages for NYSE(MM), QQQ(ND), & SPY(S5). TW = 20D MA FI = 50D MA OH = 100D MA I drew trend lines for the 3 different 100D TLs that all signal a general downtrend. Next year is gonna be wild.
The daily chart is showing market sentiment from a breadth perspective: the percentage of stocks on the NYSE (2943 stocks) that are above their daily moving averages. The trend is increasingly bullish but that increase has peaked in recent days. [bDetail: MMTH - RED - Percentage of stocks above their 200 DMA MMOF - Percentage of stocks above their 150...
I looked back to find a similar structure in the 20 & 50 day MAs of SPY, NAS, & NYSE. It looks pretty similar to 2016.
Major overhead resistance on the daily SPY... schrts.co The real nature of the larger pullback is revealed on this weekly SPY chart... this is very bullish. schrts.co Prediction: Near-term pullback with larger time-frame indicators suggesting a break to the upside, despite that major resistance is overhead.