The S&P 500 touched 2800 before retreating slightly, extending last week’s recovery. Breadth closed on a strong note : 2741 stocks advanced compared to 926 that settled down. We expect to observe the start of a correction/consolidation that may bring back the market to the 2750 area. This support level around the 200/40 moving averages, observed by chartists, may build the foundation for a year-end rally and a strong month of January.