Good morning,
As a reminder, we’re off next week for Christmas, so the next Monday Morning Playbook will be two weeks from today on December 30.
And since we’re getting you ready for two weeks, we’ve got a lot to cover, from this week’s Fed decision to the Santa Claus Rally and December seasonality.
But after defending breadth amid the prior week, I should at least acknowledge that last week was not good.
In one of the most peculiar market dynamics I can remember, the S&P 500 has now gone 10 straight sessions with more decliners than advancers. That’s the longest streak I have on record (Optuma data back to 1998) and breaks the streak of 9 that followed the 9/11 attacks.
To make things more strange, the S&P 500 hit a new all-time high during the first five of those, is barely 1% from all-time highs, and none of those days were close to a downside distribution day (5:1 decliners vs. advancers).
It has been a slow bleed if there ever was one, now the question is, can the market bounce back in one of the most bullish times of the year?
This week’s report will review:
Last week in charts
Where the market weakness is most pronounced
Seasonality and the Santa Claus Rally
3 ETF long ideas
Major index technicals
The importance of the Fed meeting and its connection to the dollar
and more!
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