As the Middle East conflict escalates Congress adopted a resolution on October 25, 2023 for increased military defense spending. This is similar to when Congress said yes to the Iraq resolution, as reported on October 3, 2002. After adopting the October 3, 2002 resolution, stock markets started moving higher going into the end of 2002. A similar move upward is expected during the last quarter of 2023. This is based on the adopted October 25, 2023 resolution and very large block trades that continue to cross the tape.
Stock charts courtesy of StockCharts.com.
