The traditional December bounce for stocks may be more elusive, but it’s still possible

Another Federal Reserve rate hike and worries about the economy could hobble stocks heading into the end of 2022, but strategists say there's still a chance December's traditional seasonal rally could prevail. The Covid lockdowns and unrest in China were added to the market's concerns this week. The S & P 500 traded near the flatline Wednesday, but it's on track for a higher November, with a gain of more than 2%.

"If we continue to surprise with cooler reports, the PCE and the CPI, it could absolutely lead to and underpin a Santa Claus rally," said Krosby. "The bears are going to define that as a bear market rally, but it could serve as a strong catalyst to move the market higher.

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