After a rough start to the week, better than expected economic reports combined with holiday seasonality to leave the S&P 500 (SPY) higher by a full +3.9%. Of course seasonality continues through the last week of the year, but that move did leave price in the early stages of short-term overbought. Thus, while price action looks set to retest the upper bounds of the multi-month range, a more moderate pace of advance into year-end would seem likely. Happy Holidays!
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