Santa Claus Rally? Crude waiting on OPEC and Omicron.

Welcome to this week’s Market Blast Fundamentals.

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I’m Brad Alexander and, on behalf of Valutrades, today we will take a look at Gold (XAUUSD), WTI (USOil), the NASDAQ (US100) and the DJIA (US30).

Every year, investors look for the “Santa Claus Rally” which, in theory, starts today.

The Santa Claus Rally is basically an optimistic buying period, during the last week of every year, where the indices rise.

Of course, there are no guarantees but we see that the S&P 500 has passed above resistance and might be heading back to its all-time highs.

Whereas, the Dow Jones Industrial Average still has some distance to cover, as does the NASDAQ.

We can see from the economic calendar and the earnings calendar that there are no important events that will affect the markets this week.

The only thing that might impede investor decisions is COVID Omicron, but we won’t have any important data about case rates and hospitalisation rates until after the holiday gatherings into January.

We see the price of Crude trying to break resistance but we expect a quiet week as we wait for the next OPEC meeting, 4 January, and also, data on COVID cases after the holidays.

Gold is also trying to break resistance, over $1800, but with quiet US Bond and FX markets this week, we don’t expect to see much movement until next week.

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