Over the past 20 days, the S&P 500 index has consistently outperformed signals from global assets correlated to risk sentiment, with cumulative outperformance rates ranging from +2.91% to +3.82%. As of December 24, the S&P 500 is projected to experience a slight decline of -0.03% ahead of the New York market open, despite futures indicating a modest increase of +0.13%. In a broader context, the MSCI All-Country World Index reported a total return of 21.4% in USD terms through December 13, 2024. Additionally, two-year Treasury rates have remained high and stable for two years, coinciding with a 50% increase in the S&P 500 during that timeframe. Analysts suggest that while the S&P experienced a 3% correction following comments from Federal Reserve Chair Jerome Powell, the overall market structure remains bullish, indicating that it is not yet time to predict a market peak.