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Even if there is a "Santa Claus Rally" this year, it probably won't be enough to offset broader trends that likely will prevent stocks from rallying significantly in coming months.

Below is a chart of the Guggenheim S&P 500 Equal Weight ETF (RSP) - Get Invesco S&P 500 Equal Weight ETF Report . Because this exchange-traded fund gives equal weight to each component of the bellwether S&P 500 index undefined , it provides a better look at the true health of the U.S. equities. Since the stock market's steep declines in August, investors have been cautious and have failed to push stocks back to record levels. A combination of declining commodity prices, slowing global economic growth and an expected interest rate hike in the U.S. have all weighed on investor sentiment.

The chart below looks at the Guggenheim S&P 500 Equal Weight ETF over four years, with each bar representing one week. The blue line shows the 20-day moving average, while the red line shows the 50-day moving average. When the 20-week moving average crosses below the 50-week average, it signals a potential reversal in trend.

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Chart provided by Stockcharts.com

Another sign of investor pessimism has been the selloff in Vanguard Total World Stock Index ETF (VT) - Get Vanguard Total World Stock ETF Report , a chart of which is shown below. Global equities began to sell off in early August, signaling that the multiyear bull run in global equities, fueled by low interest rates, was waning. Global equities have also been roiled by the same issues plaguing U.S. stocks. With global equity pessimism confirming weakness in U.S. markets, more financial market volatility looks inevitable.

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Furthermore, the bond market is similarly hinting that the multiyear bull market in equities may be coming to an end. Below is a chart of the iShares Barclays 3-7 Year Treasury Bond (IEI) - Get iShares 3-7 Year Treasury Bond ETF Report over SPDR Barclays High Yield Bond (JNK) - Get SPDR Bloomberg High Yield Bond ETF Report , representing the U.S. high-yield spread. In late 2014, when the Federal Reserve finally announced it was on the path to tightening policy, the spread spiked higher as investors sold off junk bonds.

Last week, when strong U.S. economic data all but confirmed a December rate hike, the high-yield spread widened to its highest level since 2012, fueling volatility in all asset classes. The confluence of market indicators all signaling weakness creates an air of pessimism for investors. While the depth of the move lower is still unknown, it is safe to say that Santa Claus will need a bigger sleigh to save us now.

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Chart provided by Stockcharts.com

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.