The S&P 500 closed finally slightly above the 3200 level ahead of the last expiration of futures and options of the year. It is worth mentionning that internal momentum continues to be very strong : for the 7th day on a row, more than 2000 stocks closed on the upside on the NYSE, a rare occurrence. All indicators based on the advance/decline are very overbought, indicating that market participants are chasing the «good» stocks for the end of the year’s window dressing of the portfolios they managed. The survey among active professional managers confirms the one’s published yesterday and the reading stands at the highest reading of the year, a sharp contrast with last year at the same period.

We wish our readers a Merry Christmas.

NEXT UPDATE MONDAY 6TH JANUARY 2020.