Investors wondering where the S&P 500 is headed, at least for the next month or so, will want to pay attention to three key days this week.

Technology stocks are headed for their worst December since the bursting of the dotcom bubble two decades ago as optimism about potential relief from Federal Reserve interest-rate hikes fades on signs of labor-market strength.

This week’s $370 billion big tech selloff amid a broader rally in the market did nothing to change the view that the stocks are still too expensive.