With the market up a trifling 1.5%, many are prognosticating about a seasonal Santa Claus rally. I think it’s unlikely, but the market doesn’t care about what I think.
For the market to end the year on a high note with the S&P500 in the range of 2130-2150, then a hard breakout is needed around 2117. Watch for the spike to occur between now and mid-December’s Federal Reserve FOMC meeting.
If the breakout isn’t accompanied with heavy volume, it will most likely fade quickly.
I expect the S&P500 to close out the year below 2059 or on the upside with year-over-year growth near 1%…but remember, the market doesn’t care what I think.
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