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Strategies & Market Trends : News Links and Chart Links
SPXL 222.70+1.6%Nov 28 4:00 PM EST
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From: Les H3/10/2023 3:06:17 PM
1 Recommendation

Recommended By
Hank Scorpio

   of 29600
 
Further downside pressures below to cause the benchmark to return to a path below the declining level of trendline resistance of the past year would inevitably cause us to flip from our recent Neutral bias of the benchmark and towards a view to Avoid. Given the positivity that is typically realized seasonally between the middle of March and the end of April, we are trying to hold a certain level of optimism that stocks will realize the gains that are normal over the next six to eight weeks, but we also have to be realistic if the technicals are not supportive of this move. Concerning signs on the fundamental front (more on that below) certainly does not help with our attempt to maintain optimism over the short-term. Overall, regardless of what happens over the next month and a half or so, our expectation, according to our forecasted general direction for stocks, is that we will see lower values for the market over the next six months as economic activity continues to degrade and as we enter the weaker time of the year for the market starting in May. The period surrounding the end of the first quarter/start of the second quarter continues to present the best chance of providing stability to the market before the more defined/sustainable downturn in risk assets (stocks) begins, but, obviously, Thursday’s price action isn’t all that confidence inspiring for the near-term prospects of the market.

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