Tuesday 31 October 2023

Momentum briefly negative


The SPX saw a net October decline of -94pts (2.2%) to 4193. October saw a monthly settlement back under the key 10MA (4253), as the m/t trend has turned bearish.

Momentum ticked lower for a second month, and briefly turned negative on Friday Oct'27th. Momentum will turn negative as of Nov'1st, should be increasingly negative into 2024, and be a restraint on ALL bounces.

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