S&P500 breakout retest ?US 500 (per 1.0)TRADENATION:US500TradeNationUS equities remain in a constructive near-term setup. The S&P 500 rose another 0.64% yesterday, extending its winning streak to three sessions and leaving the index less than 0.5% below its record high. December has now turned positive again, keeping the S&P on track for an eighth consecutive monthly gain — a rare run last seen in 2018. Breadth was strong, with more than 75% of stocks advancing, and the Magnificent 7 also continued to recover, sitting just over 1% below their own highs. That said, the key cross-asset headwind remains the relentless global bond sell-off. Yields pushed to fresh cycle highs globally, with Japan’s 10-year yield surging above 2% for the first time since 1999 and German Bund yields breaking above their March peak. While equities have so far shrugged this off, sustained upward pressure on yields remains a risk to valuation-sensitive sectors. For today, attention turns to the final batch of US data before Christmas. The delayed Q3 GDP print is largely backward-looking, but December Conference Board consumer confidence will be more market-relevant after November fell to its weakest level since April’s turmoil. A stabilisation could help equities grind closer to record highs, while another downside surprise may test the market’s resilience given stretched positioning and elevated yields. Overall, momentum remains positive, but rates and sentiment data are the key swing factors for today’s S&P 500 trade. This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.