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Back in the Zone - for now!

Back in the Zone - for now!

October 13, 2023

Key Takeaway

The S&P 500 had an apparent short term, fake breakdown, which has recovered back into our up-channel trend. The next week or two will tell us if it can continue to hold this year's up channel trend or not. To feel confident, we'd want to see price break above the short term down trend (dotted line).  Volatility has certainly picked back up as we've begun another earning season.  RSI is waffling around the 50 level (we want this to be squarely above 50) and MACD has just experienced a positive crossover which is good; however, is still in negative territory.  So the verdict is still out based on each of our main indicators. The war in Israel didn't seem to impact the market at all, nor did the recent inflation and employment reports. The S&P ended this week on a sour note, but was able to notch gains, making it two straight weeks of positive momentum. The dollar is rising (not illustrated), which generally is not good for the market - so we're watching this closely.


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