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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	3/28/2023 10:09:33 AM
	Read Replies (1) of 29600

The S&P 500 Index closed with a gain of less than two-tenths of one percent, once again taking a swing at resistance of the 50-day moving average at 4014. The confluence of major moving averages in the range between 3900 and 4000 remains a threat to cap the broad market benchmark at this time that traditionally sees the benefit from quarter-end rebalancing and start of the month/quarter inflows in April. A rejection from this zone would inevitably lead to a test and eventual break of the December low at 4764, a violation that would have negative implications for the intermediate trend spanning the next few months. There are still sectors in this market that are showing intermediate paths that are worthy to Accumulate, while a growing majority are either subject to Avoiding or simply holding a Neutral bias. equityclock.com

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