U.S. stocks are up in 2023, but the S&P 500 has fallen to the bottom of its bullish trading channel as the index slumps so far this month, according to...
U.S. stocks are up in 2023, but the S&P 500 has fallen to the bottom of its bullish trading channel as the index has slumped so far this month, according to Bespoke Investment Group.
“It’s currently at the bottom of its uptrend channel and below its 50-day moving average,” said Bespoke, in a note Tuesday that tracked the S&P 500’s trading channel in the chart below. So far in September, the S&P 500 has fallen 1.5%, but still had gains of more than 15% year to date on Tuesday afternoon, according to FactSet data, at last check. The index was trading below its 50-day moving of almost 4,484, with the U.S. stock benchmark on track for back-to-back monthly losses after strong performance this year through July.
“On the bullish side, we’re seeing the most strength in energy and financials, particularly insurance stocks within the financials sector,” Bespoke said.
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