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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