The S&P should be set for gains in December if historical performance is anything to go by, says Ari Wald at Oppenheimer. Firstly, since 1928 December has never been the worst performing month of the year. In addition, December performs better when it begins the month on an uptrend i.e. above its 200-day moving average. At present, 2100 is the target to reach for further gains to be maintained, this however is dependent on increased market breadth. Meanwhile, large caps will lead the way.