The market made higher highs and higher lows over the past week, but it still has some work to do with the blue-chips and small-caps. The bulls need to make up 272 points to get the Dow into positive territory for the year. The Russell 2000 is down 50 points for 2016 and will need to rally more than 4% this week to get above 1,204.

The S&P 500 is showing a slight gain of nearly 3 points and will need to hold 2,058 into Thursday’s close to end the year in the green. The Nasdaq is in pretty good shape to finish 2015 in positive territory. The index is up 312 points year-to-date, or more than 6%, and is unlikely to give up all of its gains in the last four trading sessions of 2015.

I’ve been telling my Momentum Options subscribers that the small-caps would likely close lower for the year, but I still have high hopes that the other three major indices will finish higher. The small-caps would need to rally more than 1% per day this week to get back into the black, which is possible but not probable.

There is also the chance that three of the four major indices could finish the year in negative territory. This would make for some unlikeable headlines heading into 2016, which could keep Wall Street and investors cautious.

However, I believe that the current rally can last into mid-January, but this week will be crucial in determining that outcome. The bulls need to challenge and hold upper resistance and the tops of the trading ranges. If not, the bullish technical setups could turn bearish, and January could be a rough month.

Because this week will determine a lot, I want to focus on chart signals that are incredibly clear. General Electric (GE) hit new 52-week highs ahead of Christmas. Shares have been in a trading range between $30 and $31 since the start of November. Usually, the longer the trading range, the bigger the breakout or breakdown will be.

The 50-day moving average remains in a strong uptrend, with the 100- and 200-day moving averages trending slightly higher.

The 20-year chart for General Electric shows a possible run to $32.50-$35.

For the shorter-term, resistance for General Electric shares is at $31 and the 52-week high of $31.23. Support is at $30-$29.50 and the 50-day moving average. Fund managers may be buying shares into the end of the year to show General Electric  is on their books. The stock yields 3%, and a move past $31.25 could lead to a breakout to $32-$33.

Here’s one way to trade the setup in General Electric’s chart:

Buy the General Electric February 32 calls (GE160219C00032000) at current levels (about $0.35).

My exit target for the calls is $0.80, and I do not have a stop loss in place. Instead, I will be watching GE’s chart and the broader market for any signals that it is time to exit if the uptrend is in peril.

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