Last week I reiterated that indices would maintain their gains by repeating the July action, states Ashraf Laidi of

I explained a break above the 100 DMA for a few days, a pullback to kiss it before rallying, and completing another +17%-18% run from the low to rest at the 200 DMA. The chart was part of the slides of my presentation in Amman last week.

Whether indices extend their gains for a Santa Rally depends on next week's core PCE release as well as CPI (December 13) and the Fed decision (December 14). Next week's release of the Nov jobs report will be important but not as crucial as CPI and PCE. Putting "what if" scenarios aside, we stick with the tactical frameworks shared with the WBG as of early November. 


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