Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

S&P 500 Momentum Report

The S&P 500 has added to its winning streak last week, gaining for the fourth straight week and looking on track to deliver its best monthly performance for the year.

USA Source: Bloomberg

S&P 500 looks set to round up November with its best monthly performance for the year

The S&P 500 has added to its winning streak last week, gaining for the fourth straight week and looking on track to deliver its best monthly performance for the year. Thus far, there has not been much in the way to challenge broad market expectations for an end to the Federal Reserve (Fed)’s hiking cycle, while market participants continue to bask in the hopes of a ‘soft landing’ scenario. Attention will be on the upcoming US personal consumption expenditures (PCE) price data this week, with expectations for core inflation to soften further to a new two-year low, which may validate views for further rate hold in December.

With the US dollar central to the risk environment, breaking below its 200-day moving average (MA) this week seems to mark an extension of its near-term downward trend. That said, the S&P 500 has been more muted lately, with a flat-lined relative strength index (RSI) and moderating moving average convergence/divergence (MACD) on the daily chart pointing to some near-term stalling in upward momentum. Some wait-and-see are broadly in place for now, while there are not much indications of a trend reversal just yet. As we head into December, seasonality continues to be supportive of market sentiments, with a relatively high positive rate and a stronger performance at the beginning and month-end.

S&P 500 Analysis

Technical analysis: S&P 500 continues to set its sight for a retest of its year-to-date high

With the Nasdaq touching a new year-to-date high last week, eyes are now on whether the S&P 500 can follow suit, with the index standing just less than 1.5% away from its July 2023 top. Near-term overbought technical conditions may raise the odds for some cooling in the rally, but the broader upward trend remains intact, with the index trading above its various MAs and its Ichimoku cloud zone on the daily chart. Ahead, the 4,600 level will present the next level of resistance to overcome, with any successful break potentially leaving its January 2022 all-time high at the 4,800 level on watch next. On the downside, the 4,400 level may be support to hold, where its 100-day MA stands.

US 500 Cash

Source: IG charts

Sector performance

The holiday-shortened week in the US has brought a more subdued performance for the S&P 500 last week, with investors’ shifting their preferences towards defensive sectors (consumer staples, healthcare, utilities) while awaiting further market direction. The technology sector was the underperformer with a 0.8% loss for the week, as a 2.4% gain in Microsoft failed to offset the broad losses in the semiconductor space. Nvidia was down 2.1%, with its recent 3Q results triggering some profit-taking following a 24% rally over the past month. Other big tech stocks were mostly flat, with more notable gains in Microsoft (+2.4%) and Amazon (+1.8%).

SPX sector returns: One-week and one-month

Source: Refinitiv

SPX sector returns: One-month and year-to-date

Source: Refinitiv

Sector ETFs Summary

Source: Refinitiv
*Note: The data is from 21st – 27th November 2023.

Top 15 winners and losers

Source: Refinitiv
*Note: The data is from 21st – 27th November 2023.

Top stocks by sectors

Source: Refinitiv
*Note: The data is from 21st – 27th November 2023.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Act on share opportunities today

Go long or short on thousands of international stocks with spread bets and CFDs.

  • Get full exposure for a comparatively small deposit
  • Trade on spreads from just 0.1%
  • Get greater order book visibility with direct market access

See opportunity on a stock?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Take your position
  • See whether your hunch pays off

See opportunity on a stock?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Trade a huge range of popular stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform

See opportunity on a stock?

Don’t miss your chance. Log in to take advantage while conditions prevail.

Live prices on most popular markets

  • Equities
  • Indices
  • Forex
  • Commodities
website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

" >


Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Sunday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.


For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.