12/23/2022 |
Market Update Into December 27th: Setting Up For A Santa Rally?
The holidays have arrived and, for the most part, markets flatlined this week. Now, the question on everyone’s minds is whether or not there will be a Santa rally. Historically, the Santa rally starts on December 23rd and ends January 4th, so technically, this Friday was day one. Next week will be the tell, of course, and for the sake of the holidays, we’re going to highlight some of the more bullish aspects of the charts. Let’s dig in.
Weekly Analysis
This week, the SPY ETF closed at $382.91 (-0.09%), and the Doji candle on the weekly could be signaling a reversal. Price is now consolidating below the 50-day SMA and potentially putting in a higher low on the daily time frame.
This week, the QQQ ETF closed at $267.36 (-2.51%), making it the weakest performer of the group. Price appears to be attempting to put in a higher low on the daily time frame, but there is little more to be bullish about on this name.
This week, the IWM ETF closed at $174.39 (+0.01%), closing the week with a clear Doji reversal candle and holding the 50% Fibonacci retracement from the Covid low. As well, it appears to be trying to put in a higher low on the daily time frame.
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