Equity markets are hoping for a Santa Claus Rally and may not get one. The Holiday was as cheery as ever but fraught with icy weather, travel delays, canceled airline flights and what looks to be a tepid spending season. The first look at post-holiday shopping has stores mostly empty as consumers cut back on spending in the face of rising inflation.

There will not be many catalysts for the market this week so investors should be prepared for the possibility of volatility and big moves depending on what news comes out. The next major hurdles won't come until the first week of the New Year when the next round of labor data is due. Also on tap for next week is the start of the Q4 earnings reporting season although it will still be another week before the season's peak gets underway.