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The S&P 500 has spent the past five months in one of its tightest ranges in years, with a false breakdown in June and a false breakout in early October. There has been a lot of noise, but at the index level almost nothing has happened. Big headlines moved the market for a few days, but prices always fell back into the range.
In this report, we look at the biggest drivers and catalysts of the past five months. They show clearly what has been moving equities, bonds, the US dollar, gold, and the broader macro picture. Markets are always forward-looking, but knowing which headlines caused the bigger moves should help us judge what the next major data release or event might do.
We published the charts on a white background so readers can print them, study them carefully, and keep them at hand. The market has always moved on the bigger catalysts, and this report helps identify which ones matter.
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