Summary
The SPX saw a net January gain of +237pts (6.2%) to 4076, notably back above the 10MA (3958). Momentum ticked upward for a fourth consecutive month, but remains on the negative side.
Whilst the January settlement is a bullish one, I'm skeptical, as the macro and geo-political situation continues to deteriorate. Things turn interesting again for the equity bears if February settles <3900.
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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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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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