Market Note – December 23/22

Stock indices finished today’s trading session in the green. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 gained 0.53%, 0.59%, and 0.27%, respectively.

So far, a ‘Santa Claus‘ rally has been missing as the year begins to close.  The failure at the 50-DMA (blue wavy line) has kept short-term downward pressure on the markets.

The technology sector was the session’s laggard, as it gained 0.07%. Conversely, the energy sector was the session’s leader, with a gain of 3.21%. In addition, WTI crude oil gained as it hovers around the mid-$79 per barrel range.

Furthermore, the U.S. 10-Year Treasury yield increased to 3.75%, an increase of more than six basis points. Similarly, the Two-Year Treasury yield also increased, as it hovers around 4.33%.

The only positive is the market didn’t violate Tuesday’s lows, keeping a slight level of support intact. As we have highlighted to subscribers of the Trend Letter,  even if the Fed changes course and stops raising rates, stocks still face more pain ahead. History shows it will not  be enough to simply stop raising rates; every bear market for many decades has ended only when the Fed actively lowered rates.

We continue to suggest using  any rally to reduce risk heading into year-end.

Stay tuned!

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