The stock market traded in a wide range after Monday’s fall and ahead of the last Fed meeting of the year. It is interesting to observe a few signs of reflation in the financial markets: 10 year US bonds, gold and the Dow Jones Utilities index are all edging up. The financial clock is ticking towards the set up of a new financial cycle that may prolong the global expansion that started in 2009. Short term, internal momentum is still weak: the cumulative advance/decline line and the list of stocks hitting new lows are still very negative. We tentatively draw a scenario that may call for a bottom in January around the 2400 area for the S&P 500.