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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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To: Les H who wrote (27737)	3/12/2023 11:39:58 PM
From: Les H	of 29600

Market may be rallying back up to 200 day moving average... In a striking shift from the observation that we made just one week ago, this market is no longer being supported as we head towards what is traditionally a strong time of year for stocks through March and April. Momentum indicators are re-adopting characteristics of a bearish trend below their middle lines and short-term levels of resistance, such as around 4100, have become defined. As we have been explaining in our outlooks to subscribers over the past week, even before this headline shock attributed to the SVB Financial collapse, the risks that the financial sector is portraying for the broader market are significant and caution is warranted given the leading nature of banks for broader equity market performance. The large-cap benchmark finds itself back below its 200-day moving average, which, as explained in our last outlook, nothing good happens while prices are below. The concerning technical and fundamental backdrop must be weighed against what is typically a strong timeframe for stocks through the month of April, but when we have something tangible in hand to suggest something abnormal is occurring, whether it be a pandemic closure of the economy or an elevation of systematic risks in the banking sector, we have to abandon traditional seasonal biases. equityclock.com

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