The focus on softer US inflation got stock markets riled up earlier this month, after a slow start to November. There was much optimism after but gains have been harder to come by in the past two weeks amid a mix of headlines with a hawkish Fed also still in contention. The DAX is seeing gains stall at around its 100-week moving average while the S&P 500 is failing to find much direction, trapped in between its 100 and 200-day moving averages:
The chart above is still one that I would attribute to any firming up of sentiment in the equities space. As such, there isn't a clear signal for the moment. Month-end flows so far this week have also made it difficult to read into any moves but the technicals continue to point to some relative indecision, at least for now.
It's going to be a massive next two weeks in December though with plenty of key risk events coming up before the FOMC meeting on 14 December. The US jobs report on Friday this week will kick things off and I reckon we won't get much to work with in the coming sessions until then.