11:56 AM Update
If SPY can close above 122.80, then today may be the day marking trend change.
SPY daily shows that the price is seated on the confluence of Fib61.8 and the bullish support line of the triangle. With the EURUSD up 0.58% and most of Europe indexes are bouncing up. We can expect that US market could enjoy a good bounce today.
SPY 30min: Day trade will be in the range of 120.33 - (121.75-122.35) for a rebound and 10.33 - (120.03 - 119.38) for a downtrend continuation.
My trade setting for 12/20/2011
Bulls: Buy if 3 of 4 major Europe indexes (EURUSD, CAC 40, DAX, FTSE 100) are green and that one if sinks, not deeper than -0.25% and SPY opens in green or just in slight red (> -0.25%). Target 121.75-122.35.
Bears: Short if 3 of 4 major Europe indexes (EURUSD, CAC 40, DAX, FTSE 100) are red and that one if green, not more than 0.25% and SPY opens in red. Target 119.38