The SandP 500’s more than 1% drop yesterday marked its 50.0 Fib retracement level after closing daily above October at 3,796, a level that capped further declines in the last week before the Christmas break. But heading into the New Year, sellers are taking the reins and driving the agenda in search of the next downside for stocks. Double top pattern below around 100 targets around 3760 and is the next level to consider before looking at the SandP 500 November low of 3698. still not quite at the point where the Fed and other major central banks have accepted a complete shutdown. exerting himself cycles Just like the dollar has some important points to consider here, so do stocks. The inflation outlook remains key, but as mentioned here before, don’t discount the implications of the emerging technical picture – as seen above.