Is This the Santa Claus Rally We’ve Been Waiting for? By StockNews

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Is This the Santa Claus Rally We’ve Been Waiting for?

Stock Markets Dec 23, 2021 12:30PM ET

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Is This the Santa Claus Rally We’ve Been Waiting for?

After beginning the week on a downer, stocks rallied like crazy to more than wipe out the Omicron and Fed meeting malaise. Be interesting to see if a run to new all-time highs in both the Nazzy and S&P 500 (SPY) is in the offing. I’ll discuss my thoughts on this and more in my commentary below….(Please enjoy this updated version of my weekly commentary published December 22nd, 2021 from the POWR Options newsletter).

The NASDAQ held the uptrend line that has been in place seemingly forever even after a sharp sell-off to start the week. The QQQs are about as neutral as it gets from a technical perspective. Shares did close back above the 20-day moving average.

Still below the all-time highs but we will see if it challenges the $400 area into year end.

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