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Strategies & Market Trends : News Links and Chart Links
SPXL 222.94+1.0%Dec 3 4:00 PM EST
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rcksinc
From: Les H6/24/2022 5:39:20 PM
1 Recommendation   of 29601
 
The oversold rally in the S&P 500(SPX) is aptly labeled with the relatively low volume. The rally can continue close to or at the end of next week as end of the quarter Window Dressing keeps the market afloat. Since the SPX will start the week short term oversold, if the SPX can hold above the 3769.08 TDST Support for the 60 minute timeframe early in the week, 4000 can be tested. Since the beginning of the 2022 year, there has been three significant oversold rallies that has averaged about 10.3%. If the assumption stays the same, a 10% rally from the 3636.87 bottom takes it to around 4000. Furthermore, if the daily TD Sell Setup is still active around a 7- 9 count, and trading near the TD Trend Factor at 4041.28, this will setup a stronger shorting opportunity.

Currently the weekly SPX has an active TD Buy Setup @4. If the market remains weak, lower lows until end of July can be expected. The one bullish path is for the SPX to continue to hold 3900 until it can potentially price flips on Friday, July 8th. From there, it can solidify the notion of at least a choppy summer. To solidify the bullish path, 4130 is the primary level to overcome to price flip the monthly SPX in the months ahead.

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