Chart of the Day - Friday, December 1, 2023

Today's Chart of the Day was shared by Optuma (@Optuma). The S&P 500 kicked off December on a positive note today, gaining +0.59% to a 20-month high. It could book its first six-week winning streak in four years if it rises again next week. As we enter the final month of the year, Optuma points out that December has historically been positive 70% of the time for an average gain of +1.50%. However, most of the gains occur in the second half of the month. Many confuse this with the Santa Claus Rally, but that term strictly refers to the last five trading days of the year and the first two of the new year. After clearing the March 2022 peak today, the S&P 500 is sitting less than 5% from record highs, and there's virtually no resistance standing in its way.