Market Overview - The Dow, NASDAQ, and S&P 500 indices were up over 1% last week, indicating a strong performance despite light trading volumes [1][2] - Expectations for the final week of the year suggest continued low trading volumes, with a focus on whether the market can reach the 7,000 level [3][4] Economic Data - Recent economic data has exceeded market expectations, but this week is expected to have light economic releases, including pending home sales and Fed meeting minutes [3][4] - The VIX closed at around 13.6, a historically low level, but has seen a slight increase recently, which could be a positive sign for equity markets [4][5] Geopolitical Tensions - Ongoing geopolitical tensions, particularly between the U.S., Russia, and Ukraine, are influencing market sentiment, with President Trump engaging in discussions with both Putin and Zelensky [7][10] - There are significant hurdles to a potential negotiated deal, particularly regarding territorial concessions from Ukraine and security guarantees from the U.S. [9][10][11] Oil Market Dynamics - Crude oil prices have seen a bounce of about 2%, influenced by geopolitical developments and potential inventory draws [15][16] - The market is also reacting to military exercises around Taiwan and conflicts involving Saudi Arabia and Yemen, which could impact oil infrastructure [17][18] Commodity Market Insights - The commodity space has experienced volatility, with silver and gold prices fluctuating significantly due to profit-taking and market speculation [20][21] - The SLV ETF has seen positive inflows, indicating retail interest in silver, which is built on physical bullion rather than futures contracts [23] S&P 500 Analysis - The S&P 500 is currently 2.2% off its record high, with key resistance at the 6,945 level and support at 6,880 [26][27] - The performance of mega-cap stocks, particularly Nvidia, will be crucial for the index's ability to reach the 7,000 level by year-end [28]