Thursday 1 February 2024

2024 begins positive




The SPX saw a net January gain of +75pts (1.6%) to 4845, having printed a new historic high of 4931. The monthly settlement was above the key 10MA (4456), as the m/t trend is unquestionably bullish.

Momentum ticked upward for a third month, settling on the moderately high side. S/t bullish into February. M/t bullish from the Oct'2022 low. The latter arguably only changes if a monthly settlement back under the key 10MA, which will be in the low 4500s in February.

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