This week, we saw November's conclusion and the first trading day of December. Looking back to October, we saw indecision in the market. November resolved this indecision with a strong move to the upside, erasing the losses between now and July.
This strong move makes it likely that a move to the upside will also occur in December. December may bring us to the point of testing the all-time highs set in 2021.
The weekly chart shows that we have had five up weeks in a row and are testing the 52-week high. While it is possible to have any number of up weeks in a row, I expect that we will see profit-taking and a slight retracement at some point in the coming days.
Breadth across the market has recovered. It is showing broad participation among stocks.
Most sectors showed modest gains this week as well.
With broad market participation coming into December, I hope this month will continue the upward climb of the SP500. Going into next week, I am watching for a retracement to look for buying opportunities to open new positions or to add to existing ones.
Thank you for reading, and I hope you have a wonderful weekend!