The S&P is steadily advancing and is poised for its ninth consecutive week of gains, marking its fifth consecutive positive day. This uptrend follows a successful US Treasury auction on Wednesday, which resulted in lower yields and shifted rate cut expectations to March of the upcoming year.

Despite being the most overbought since 1991, the index is nearing its all-time record high set in January 2022 at 4,817. Close to 50% of S&P 500 stocks are trading above the 70% overbought level on their 14-day simple moving averages (SMA).

Any potential downturns may find support around last week’s high at 4,778, with additional support levels between the November and mid-December 2021 highs at 4,752 to 4,743. The Nasdaq 100’s upward momentum from its late October low continues into its ninth consecutive week of gains, approaching the minor psychological level of 17,000, which may act as short-term resistance.

On the data front, upcoming releases include the US goods trade balance, initial jobless claims, wholesale inventories, and pending home sales. Additionally, EIA crude oil inventories may introduce some volatility to stock indices and oil prices amid low-volume end-of-year trading. Possible support levels can be identified around last week’s high of 16,863.