A bearish February

Summary 

The SPX saw a net February decline of -106pts (2.6%) to 3970, holding above the 10MA (3942). Momentum ticked upward for a fifth consecutive month, but remains on the negative side. 

I remain skeptical of mainstream bullish chatter, as the macro and geo-political situations continue to deteriorate. Things turn interesting again for the equity bears if March settles under the monthly 10MA and the daily 200MA... <3900 would be decisive. 
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A bullish January

Summary 

The SPX saw a net January gain of +237pts (6.2%) to 4076, notably back above the 10MA (3958). Momentum ticked upward for a fourth consecutive month, but remains on the negative side. 

Whilst the January settlement is a bullish one, I'm skeptical, as the macro and geo-political situation continues to deteriorate. Things turn interesting again for the equity bears if February settles <3900.
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Resuming lower

Summary 

The SPX saw a net December decline of -240pts (5.9%) to 3839, notably back under the 10MA (4004). Momentum subtly ticked upward for a third consecutive month, but remains on the very low side. 

With a decisive monthly/yearly settlement <4K, the US equity market is to be seen as back to m/t bearish. Equity bulls have nothing to tout unless the recent double top of 4100 is cleared, and that doesn't look realistic within H1 of 2023.
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