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S&P 500 monthly chart through October

S&P 500 monthly chart with 3 and 10 month moving averages
S&P 500 monthly chart with 3 and 10 month moving averages

October started with a bang, as the S&P 500 sold off 36 points from the 30 September close. Then, the next day, the index continued to shed another 52 points, closing at 2,887.6 - a loss of 3% in just the first two days of the month. The next day, 3 October, the index would put in its low for the month at 2,855.9 and it was all (mostly) up hill, from there. The S&P 500 closed the month of October at 3,037.6 for a gain of 2% over September's close and a new all-time high.

November has been a good month for the S&P 500, with gains of 3.4% in 2016, 2.8% in 2017 and 1.8% in 2018. The 10-month moving average currently sits at 2,888 or 5% below October's close, while the 3-month moving average is 2% below October's close, at 2,980. Both moving averages are rising.

At the macro level, manufacturing PMI put-in its first increase since March, rising to 48.3 from September's 47.8 level. If the S&P 500 is going to rally into the end of 2019, manufacturing PMI will need to continue this trend in November.

-- Scrib