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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 H	3/22/2023 12:23:38 AM
	of 29600

The S&P 500 Index closed higher by 1.30%, moving back above both 20 and 200-day moving averages and ending just below the 50-day moving average at 4012. Overall, the benchmark remains burdened by this confluence of major moving averages in the range between 3900 to 4000 that is acting as a position of resistance; it appears likely that a catalyst would be required to break the benchmark up and out. MACD has triggered a new Buy signal following the crossover of its signal line, but the bullish event comes at a level that is lower than the bullish crossover that preceded it at the start of January, highlighting a divergence versus price. The momentum indicator is showing a path of lower-lows and lower-highs, albeit slight, since the peak charted in December, hinting of a similar outcome for price ahead. equityclock.com Also descending broadening wedge on SPX which sometimes acts the same as a bullish flag by pulling back from recent highs before new highs.

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