The major U.S. stock indexes in December hit 12-month highs amid a seasonal Santa Claus rally. However, so far in the month of January the rallies have stalled and turned into sideways and choppy trading at higher levels. See on the daily bar chart for the March S&P stock index futures that more selling pressure in the near term would produce a bearish double-top reversal pattern. Bulls still have the firm overall near-term technical advantage but there is stiff overhead chart resistance at the December high. Stay tuned! Jim Wyckoff