The Last Mile

3 trading weeks left in 2023...

US stocks finished slightly higher last week with the S&P 500 advancing +21bps for the week and the NDX rallying +54bps despite all the rotations back and forth. 

Overall trading volumes were -5% vs 20dma last week.  The VIX closed the week at 12.40, its lowest close since January 2020.  The US Panic Index, pictured below, shows how there is effectively “zero panic” priced into the equity market.   

Small Caps (TNA) staged a nice 2 day rally to close last week after pulling in to 8 EMA support.