Resuming lower

Summary 

The SPX saw a net December decline of -240pts (5.9%) to 3839, notably back under the 10MA (4004). Momentum subtly ticked upward for a third consecutive month, but remains on the very low side. 

With a decisive monthly/yearly settlement <4K, the US equity market is to be seen as back to m/t bearish. Equity bulls have nothing to tout unless the recent double top of 4100 is cleared, and that doesn't look realistic within H1 of 2023.
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Back above the 10MA

 

 

Summary 

The SPX saw a net November gain of +208pts (5.4%) to 4080. This was the first monthly settlement above the 10MA (4057) since March. Momentum ticked upward for a second month, but remains on the very low side. 

For confidence, the equity bulls need some sustained action >4100, whilst the bears have nothing to tout unless December/2022 settles back under 4K. 
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Still mid term broken

 

Summary 

The SPX saw a net October gain of +286pts (8.0%) to 3871. This was a seventh consecutive bearish monthly settlement under the 10MA (4101). Momentum ticked upward, but remains on the extremely low side. 

It should be clear, the market remains mid term broken. That would arguably only change with some sustained action >4100.
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