Tuesday 28 February 2023

A bearish February


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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