Chart of the Day - Thursday, December 23rd, 2021

Today’s Chart of the Day was shared by Pinecone Macro (@pineconemacro), It's a daily candlestick chart of S&P 500 futures over the past three months. Christmas came early for the bulls this year, with the S&P 500 closing at an all-time high today. The market will be closed tomorrow for Christmas Eve, but Monday kicks off the famous Santa Claus Rally period, which includes the last five trading days of December and the first two in January. Over the past 70 years, this seven-day stretch has been higher 78.9% of the time for an average gain of 1.33%. However, when Santa fails to show up during this period, it has historically been a bad omen for January and Q1. The S&P 500 is in a good position here closing at a fresh high ahead of one of the most bullish seven-day stretches of the year. But either way, there will be some valuable information to be gleaned from the next seven days of price action. Click here for everything you need to know about the Santa Claus Rally.