A bullish 2023

 

 

Summary 

The SPX saw a net December gain of +202pts (4.4%) to 4769, another monthly settlement above the key 10MA (4382), as the m/t trend remains bullish. Net 2023 gain of 930.33pts (24.2%).

Momentum ticked upward for a second month, settling moderately positive. S/t bullish in early January 2024. 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/mid 4400s in January.

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A very bullish November

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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Momentum briefly negative

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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