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The global economy is facing headwinds as we close out 2022 and usher in 2023. Despite talk of a Santa Claus rally, there is expected firmness through year-end with increased volatility in January. Short-term indicators point lower, similar to after the summer relief rally. There are resistances intact for individual indices and stocks, including a breakdown in Apple stock. The VIX is showing a volatility spike, reminiscent of 2008. More risks are anticipated at the start of the new year, with expectations of a downdraft reaching 3500.
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