However, the Santa Rally may not last long into the New Year, as the NYSE 52-week low is well away from a typical strong swing low.
The index to watch over the course of the Santa Rally is the Russell 2000. The recent breakdown reversed into a 'bear trap', and is ready to challenge 868 resistance for a third time (lucky!). Small Caps have had a quiet 2012, so 2013 could be their year.
The S&P also is working off a bear trap, and is in the process of completing a higher swing low - and perhaps - a new, higher swing high.
While the Nasdaq is range bound, but a move to challenge 3,196 should be supported, given the relative position of breadth metrics.
The Fiscal Cliff is a distraction, Santa looks to have come to town, and is ready to deliver...
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