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!
[Week 52 Calendars: Economic | Reporting]
Source: Mrkt_Commentary subscription service; prior weekly posts.
NEVER INVESTMENT ADVICE
[...] come into the Christmas holiday widely overbought, the S&P 500 (SPY) moved slightly lower into the last week of trading by -0.7% for a literal [...]