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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Summary
The SPX saw a net August decline of -81pts (1.8%) to 4507. Momentum ticked
upward for an eleventh consecutive month, having turned positive at the July 3rd open.
The August candle is a hanging man, which bodes problematic for September.
Things only turn
interesting again for the equity bears with a monthly settlement back
under the key 10MA, currently 4197, which is near the daily 200MA (4157).
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For more of the same...
For details >>> https://www.tradingsunset.com