On December 26, according to Gelonghui, despite the decline last week, the S&P 500 Index has shown significant upward momentum following the election, primarily driven by rising stock prices of Technology-related companies. However, Wells Fargo & Co Analysts have warned that this apparent optimism masks the risk of a market pullback. As of December 17, the S&P 500 Index has slightly increased by 0.38% for the month, the Dow Jones Industrial Average has decreased by 3.12%, and the small-cap E-mini Russell 2000 Index has declined by 4.06%. The bank attributes this divergence to weakening economic surprise data; according to Bloomberg’s U.S. economic surprise index, it has started to decline after peaking in mid-November, currently hovering just above zero. The bank points out that this is concerning, especially in the context of a substantial positive positioning in the stock market since the election. Investors seem overly focused on a potentially brighter future while disregarding the current disappointing economic data. Historically, the market often experiences a 'disillusionment phase' after the inauguration of a new government, as high expectations clash with the reality of policy-making. With the S&P 500 Index nearing overbought territory, the bank advises investors to remain cautious, summarizing that the post-election rally has made the S&P 500 Index vulnerable to risk shocks.