Summary
The SPX saw a net November gain of +374pts (8.9%) to 4567. November saw a monthly settlement back above the key 10MA (4302), as the m/t trend has turned bullish.
Momentum
ticked back upward, settling marginally positive. S/t bearish, if only a week or two. More broadly, bullish into mid January.
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Summary
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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Summary
The SPX saw a net September decline of -219pts (4.9%) to 4288. Momentum has rolled over, and will be prone to turning negative in mid/late October, or as of Nov'1st.
The August candle - a hanging man, played out.
Things turn 'real
interesting' for the equity bears, with a monthly settlement back
under the key 10MA, currently 4217, which is near the daily 200MA (4199).
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