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Santa knocking on the door

S&P 500 held Thursday‘s regular session lows, and just rose after Friday‘s opening bell. Those intraday retreats were good enough just for quick intraday gains, particularly as it became apparent that Nasdaq leadership is starting to wane (intraday, I mean) – that‘s a sign of broadening breadth as S&P 500 still kept making higher highs intraday.

After 6,850 was overcome (reaching it first premarket provided one of those shorting opportunities – only after the opening bell the level was broken), the market was consolidating below 6,889 – and that level too was overcome in the latter half of the session.

Semis and discretionaries were sold into the closing bell – unlike Nasdaq, biotech or smallcaps, which is a sign good enough that the final full week‘s message is that Santa Claus rally can enter its opening stage over the next two shortened weeks – time to show for institutions that they have 2025 winners in their portfolio after all (hello NVDA scoring almost 4% on the day – I was though clear that finally we‘ll have a fine day in ORCL, and that‘s way more important for tech as such at the moment). Volatility metrics have declined, and Wednesday‘s one-way flush was fully erased.

So much for BoJ supposed shocker – did you see how the yen depreciated since? We've seem an important stock market turn Friday.

Author

Monica Kingsley

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

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