Image Source: Pexels
 

Monday was good. It started off entirely green, but a few people had the good sense to take profits, and the market softened up appreciably. Below you can see how the S&P 500 and S&P 100 have both broken their wedge patterns and are ever-so-slowly working their way lower in a range which has trapped prices for months.
 

The tech-heavy Nasdaq 100 and Nasdaq Composite are illustrating just how badly the bloom has faded from the AI Rose. These, two, have been range-bound for a couple of months, and the NDX in particular is interesting since it could, before the year is over, crack beneath the multi-decade midline of its ascending price channel.
 

At this point, the semiconductor market is hanging on by its fingernails. It was at lifetime highs last week, but the zeal for all-things-AI has dissipated lately. There’s nothing but Jensen Huang’s jock strap holding this thing up at this point.
 

As for the Dow Industrials, they notched a lifetime high close on Thursday, but in doing so it also tagged the underside of its broken wedge. Yes, Virginia, there is Santa Claus, but no, Virginia, seasonality doesn’t matter anymore.
 

All of which allowed a couple of lifesaving paddles to be applied to volatility’s freshly-shaved chest. We have a pulse!
 

Tomorrow morning is a pretty big deal data-wise. There’s the very-much-delayed jobs report (I don’t even for which month, although it hardly matters) as well as retail sales. I’ll probably bow out until such time as those data points hit the wire, so I shall bid you all a good evening.

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