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The S&P 500 declined -0.14% this week with Friday's close at 3,839.50. The index finished 2022 on a sour note, declining for the fourth consecutive week. In terms of price action, one can certainly say we limped into 2023. Our mantra as we head into 2023 is to position as if the worst is yet to come while being prepared in the event the best is somehow just around the corner.
The S&P 500 gained 1.13% this week with Friday's close at 4,071.70. The S&P 500 put the finishing touches on the month of November this week, rising by 5.38% for the month, the second consecutive monthly advance of more than 5%. While our work continues to label the primary trend as down, or "bearish", further strength into December's monthly close will change the primary trend from down, or "bearish", to up, or "bullish".
The S&P 500 finished the month of October on Monday, rising by 7.99% for the month. Relative to October's low, the index actually closed higher by 10.89% and given the month of October's propensity to leave lasting market bottoms on the chart, the trillion-dollar question as of today is did the S&P 500 leave a lasting bottom on the chart at 3,491.58 in October? Have a read to find out.
The S&P 500 declined -2.91% this week with Friday's close at 3,585.62. We now have the luxury of hindsight, and the summertime rally off the June lows was indeed a "bear market rally". With the S&P 500 finishing last week below its lower weekly Bollinger band and the VIX finishing last week right next to its upper Bollinger band, the ingredients are there for an explosive week one way or the other.
The S&P 500 declined -3.29% this week with Friday's close at 3,924.26. The index has now declined three weeks in a row, falling -8.31% in the process. The index fell flat on its face the final two weeks of August, turning what was a 4.72% monthly gain at the highs of the month on Tuesday, August 16, into a -4.24% monthly loss. What's next? Have a read to find out.
The S&P 500 surged higher by 4.26% this week with Friday's close at 4,130.29. The index traded negatively until Wednesday, but was then off to the races from there. It's safe to say market participants, collectively, loved what they heard from Fed Chair Jerome Powell on Wednesday!
