Charts Over Darts - S&P 500 Weekly Recap September 22, 2023

This week the S&P 500 declined -2.93%, marking the third down week in a row.

The S&P 500 remains above its longer-term 40-week moving average but closed below its shorter-term 10-week moving average for the third consecutive week.

The year-to-date high of the S&P 500 occurred the week of July 24th. Since declining from that level price has broken through the accelerated orange trendline but remains just above the blue trendline from the October 2022 lows and closed the week right on the 38.2% Fibonacci Retracement Level.

The Leverage Tactical Indicators began showing signs of weakness in the first week of September and continued to worsen as the month progressed.

Despite the weakness in the markets over the past couple of months fear continues to remain relatively subdued based on the readings on our sentiment indicator - the VIX, which remains below 20.

Overall a tough week in the markets. Two events that seemed to trigger the selling were the United Auto Workers (UAW Union) Strike and the Federal Reserve communicating that they may raise interest rates again later in the year and potentially hold rates at elevated levels in 2024.

That's it for this week. Be sure to follow along for more and have a great Labor Day Weekend!

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