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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 H3/23/2023 9:48:28 AM
   of 29600
 
The S&P 500 Index closed down by 1.65%, showing a sharp negative reaction around now intermediate resistance at the 50-day moving average. The confluence of major moving averages, including the 20, 50, and 200-day, in the range between 3900 and 4000 remains a formidable barrier preventing the equity benchmark from achieving the strength that is typical of this period heading into the start of spring; until the hurdle is broken, it has to be expected that it will cap the near-term trajectory until the uncertainty in the market alleviates. The December low at 3764 remains a critical level to watch as a violation of this hurdle would start to imply negative intermediate implications beyond the short-term burden that has been experienced since the start of February. In a recessionary economic framework, a break below the December low and the rising 200-week moving average at 3736 would be the base case and it is certainly not the environment that we want to have a positive correlation to risk assets within investment portfolios.

equityclock.com

SPX fell back below short-term down trendline from January/February highs after piercing it to the upside yesterday and resistance from the line is at 4000. There is also a rising channel from the recent lows that's now at 3920. Indecisive scenario at present.
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