Market Notebook

by Cory Haupt | Dec 15, 2025

Discussion –

PRICE ACTION:
Equity prices, as measured by the ticker SPY, and bond prices, as measured by the ticker BND, closed lower over the last week.

SPY -0.57%
BND -0.23%

TECHNICAL ANALYSIS:
SPY price appears to be trending upwards.

BND price appears to be in a range-bound trading pattern or consolidation.

SENTIMENT:
Momentum is stagnating as year-end approaches. Consolidation in SPY since the October highs suggests market participants are hesitant to buy into year-end. There is also likely a positioning component to year-end trades by managers as they try to lock in what has likely been a good year performance-wise.

ECONOMY AND FUNDAMENTALS:
Economic fundamentals remain positive, with data suggesting the U.S. economy remains resilient. The Federal Reserve appears to be acting appropriately, with two goals in mind: keeping inflation under control and supporting real economic activity.

All the best during the week ahead!

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Disclaimer: Nothing in this discussion should be considered investment advice. The content of this discussion is strictly my personal opinion and subject to change at a moment’s notice. Investment advice can only be provided to you by your investment professional and not by a general market discussion such as this one. If you wish to speak with an investment advisor, contact us. We can probably help.

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