Unexpected rallye
Did you expect that? S&P had the best week since summer, rising 200 points or +5% and closing at 4358 points. This is massive and it brings unstoppable back above the important 4200 points support.
Main reason for the rally were the bond yields coming back and the Fed not raising interest rates further. In addition we had some good earnings reports like Block or Starbucks, beating Wallstreet expectations.
What to expect now
It seems that the market is starting to recover from the correction of the past weeks. September and October were weak months with a lot of FUD and downwards momentum. Now we are seeing finally some strength. The interest rates seem to have finally topped and we can expect to see lower rates in the course of 2024 like Julius Baer is stating. That would be a tailwind for the stock market. I wouldn鈥檛 be surprised.
What do you think, will we see a christmas rallye or rather sideways movement of the S&P 500?
