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“It’s how tenacious you are that will determine your success.” – Steve Ballmer

After the 69th record high close for the S&P 500 yesterday, equity futures are pointing to a higher open again this morning which would be the fifth straight positive day.  After a rocky first half of December, the last four days have put the index firmly into positive territory with 1%+ gains in three of the last four trading days and a gain of 0.62% in the one day where we didn’t reach 1%.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

With the last four days of gains, it didn’t take long for the S&P 500 to move back to what are generally considered ‘extreme’ overbought levels. As shown in the chart below, the S&P 500 made two brief trips below its 50-DMA in December (12/1 and 12/20) but has quickly rebounded.  Moves like the last four trading days show how difficult timing the market can be.  Even in a year where the S&P 500 is up 27%, nearly one-fifth of the year’s gains have come in the last four trading days alone.

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