S&P ready for a little run?

**UPDATE – This morning (12/21), the S&P futures actually hit the upper trendline (around 1250).  It’s possible that was enough to reverse the rise.  My hunch is we need to test that upper resistance during market hours, but I thought I’d note that development in case we break down from here.

Following up yesterday’s note, it looks like the S&P is breaking out of its most recent downward channel and may provide a little Santa Claus rally into year end after all.

It is currently dueling with the 50 day moving average, but would encounter trendline resistance about 15-20 points higher.

Daily Reading on the Financial Markets: 12/20/11

James Kostohryz at Seeking Alpha with an interesting take on Tim Tebow’s rise to stardom.  He notes Tebow’s faith-driven earnestness in an era of faithless cynicism.  Can the tide turn in America’s national mood?

At Zero Hedge, Technical Take makes the case that GLD is at support and should be bought here.

My favorite technical analyst, Chris Kimble, sees some support at $150, but warns prices could drop significantly below that.

From Zero Hedge, Gallup’s unadjusted unemployment data disagrees with recent BLS numbers.