EB Daily Market Report - Friday, December 19, 2025

Dear Members.

We're getting some nice follow through from yesterday's move higher with all of the major indexes up nicely as we near the end of another trading week.

On the plus side all of the major indexes have moved back above all of their respective key moving averages. So the bulls, for the moment, have regained some momentum with less than two weeks left in the year. And the VIX has settled down, now closer to 15 compared to hitting 18 just a few days back.

On the other hand, we're still seeing large cap tech stocks well below their highest levels of the year and not looking as healthy as they did a few months back. This, in turn, could make it more difficult for the market to power to all time highs.

Historically, the tail end of December favors the bulls. So we well might see more positive action into year end. But Tom Bowley continues to see signs that Wall Street has become more cautious.

The all time high on the S&P is 6920 so that is a level the bulls would like to revisit. To the downside, the S&P got as low as 6720 two days ago so we should consider that near term price support.

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins