S&P 500 ~ EOD Update ~ 13 December 2011

We got a pretty decent bounce from the 1227ish level and hit 1250 in the morning. From there the market sold off and hit 1219 shortly before the close:

The market continues to trade within a downward channel since early December. The waves from 1265 look corrective though so a rally later this month seems likely. But as long as there is no convincing break above 1245ish the short-term trend is down.