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Strategies & Market Trends : News Links and Chart Links

SPXL 219.24

+2.0%

Nov 26 4:00 PM EST

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From: Les H	5/25/2023 5:17:26 PM
	of 29600

The benchmark remains capped by the band of horizontal resistance between 4100 and 4200, the lower limit of which was touched at the lows of Wednesday’s session. Support remains implied around the congestion of major moving averages between 3980 and 4080. In a bit of a whipsaw action, a renewed MACD sell signal has been triggered, but, as highlighted in a recent report, the narrow, range-bound trend that the market has been in for a prolonged period of time make the signals that this momentum initiator generates almost irrelevant. Momentum indicators are still showing a rather negative slope since peaking in the middle of April, not showing anything reminiscent of a new uptrend getting underway. The market remains in need of a catalyst to fuel a sustained move and, unless there is a catastrophic debt default in the US (which seems improbable), its seems likely that any debt ceiling resolution will result only in a short-lived bounce. Seasonal tendencies for the market are positive in the days surrounding the Memorial Day holiday with the upbeat sentiment carrying into the new month of June, following which mean reversion and general portfolio re-allocations are the norm through the middle of June. equityclock.com A little over one week till debt ceiling deadline and two plus weeks till next Fed meeting.

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