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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	6/13/2023 10:38:16 PM
	of 29600

Stocks are remaining relentless with the S&P 500 Index pushing further into new 52-week high territory. The large-cap benchmark finished higher by just less than seven-tenths of one percent, pushing the Relative Strength Index (RSI) into overbought territory above 70 for the first time since last August. The benchmark is stretched to the upside in the short-term according to any number of measures, but this hasn’t alleviated buying demand now that the breakout above significant resistance at 4200 has been achieved. Support remains apparent at the congestion of rising major moving averages, now between 4000 and 4160. This market has yet to show the stagnant tendencies that are normal for the off-season for stocks between May and October, but the next two weeks could shake things up given the onset of the first of the two weakest spans for the market that traditionally warrants limiting risk in investment portfolios until the average summer rally period begins at month-end. equityclock.com

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