The SPX gained 801.35 points from its November 8, 2016 close of 2139.56 (on the eve of the U.S. elections) to its all-time high of 2940.91 on September 21, 2018.
Since September 21, the SPX closed Monday (Christmas Eve) 589.81 points lower at 2351.10…a loss of 73.6% of those Nov/16 to Sept/18 points gained…and is now up by only 9.89% since November 8, 2016, as shown on the following percentage-gained graph.
The SPX is teetering on the edge of a bear market, as it is now -19.78% from its September high this year.
If we get a couple more days like Monday’s, the SPX could easily reach its first support level of 2250 before the end of the year, as shown on the following monthly chart, and as I described in my post of December 22. Major support sits lower at 2000.
U.S. equity market gains made since Nov/16 are already being cannibalized by Washington gridlock and erratic Trump administration decisions and policies, as I warned in last month’s post of November 9. Whether that is about to abate anytime soon is anyone’s guess!
