Santa Claus delivered good news to the markets this week as the S&P 500 rallied back into positive territory for 2015. However, the SPX remains range bound above support at 1995 and below resistance at 2077-2092. A breach of 1990 would suggest a decline to support at 1937-1963. A break above resistance, and especially over 2115, would shift the bias to bullish. Due to the Christmas holidays, trading was abbreviated this week and volume was light. Volatility was also markedly lower this week dropping 24%. The VIX traded on Thursday as low as 14.45 before closing for the week at 15.74. The SPX opened on Monday at 2010.27 and closed Thursday afternoon at 2060.99, up 60.72 or 2.52%.