SPX Monthly Chart Secular Bear Market

Keystone's SPX Monthly Secular Signal uses the price versus 12 month MA cross to distinguish between secular bull markets and secular bear markets.

High drama occurred as the October rally threatened to regain the 12 MA, but at the EOM print it fell short, keeping the Secular Bear Market in place since August. A feather in the bulls cap, however, is that the October candle shows an outside reversal month, where price dipped under September's low, and then closed above September's high. Market bears are in good shape as long as price stays below the 10 and 12 MA's, currently in the 1282-ish area.