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Is the S+P 500 going to miss out on a Santa Claus rally record?

It is arguable that the S+P 500 has already enjoyed something of a Santa Claus rally since basing out near 5,800 on December 20. That rebound led the index towards 6,050 last Thursday. The index reopened lower on Friday, at 6,006.17 and that opening was down from the close on Thursday, at 6,037.59. However, that opening was also the high of the day on Friday and the S+P later fell to 5,932.95. A rebound into the close recovered some of that loss, but it still closed 66.75 points lower on Friday, at 5,970.84. The futures are in the red this morning and right now pricing the opening for later today at below 5,950. That might change, but it might deteriorate too. The price action right now is suggesting there is not much appetite to drive the index to reach another record ahead of the close tomorrow evening. In order to achieve that it will need to take out the current all time high, still in place at 6,099.97. Perhaps it is wrong to rule that out just yet, but view here is right now more skewed to the downside ahead of the 2024 close. We shall see which one wins out over the next couple of days.
 

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