Wednesday 31 May 2023

To hold the line?




The SPX saw a net May gain of +10pts (0.25%) to 4179, settling above the 10MA (3983). Momentum ticked upward for an eighth consecutive month, if remaining on the negative side at -25.945. Indeed, I would note the key zero threshold. A failure to keep pushing upward would be especially... problematic.

Whilst the macro and geo-political situations continue to deteriorate, the market doesn't care, partly on the notion the Fed will eventually cut rates and spool up the printers.

Things only turn interesting again for the equity bears with a (to be decisive) break under 3950. Bulls could seek the 4300s.

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