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While some sectors were strong during the period, the S&P 500 failed to deliver a "Santa Rally" this year.

Equities were poised to start the "Santa Rally" off with a bang, but struggled at the end of last week.

Equities lost some luster after the Fed pulled the rug out from under investors last week.

A lack of breadth kept most sectors down for the week.

Big tech roared back to life last week, while defensives took a back seat.

While equities moved higher in a holiday-shortened week, not all sectors were equal as cyclicals gave way to defensives.