So as a setup to a TLT run in Jan, it is expected that FXC would get OS to a small degree in Dec.  TLT:SPY also X above 10wkma last Dec 2014. The level is almost exactly the same!

DEC 2015 OS for 1 day before Fed Meeting…

BUT  you never play with only 1 week left before Fed Meeting.

For now, Fed will not raise rates as this is being driven by the employment report on Dec 4 (inflation is not 2.0 and world economy still weak). It is an indicator though of a very good Jan!

Once the Fed meets on Dec 16, SPY will rebound and TLT will sell off. Then the January effect of portfolio reorientation AND the continued speculation that the Fed will be raising rates takes over again.