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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