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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 H7/7/2023 12:24:54 PM
   of 29600
 
The S&P 500 Index closed lower by just less than eight-tenths of one percent, reaching back to rising variable support at the 20-day moving average at 4375. The snap-gap lower on the day charts an island reversal pattern, which is, essentially, a non-confirmation setup of last week’s breakout to the new 52-week high. Similarly failing to confirm the recent breakout to new multi-month highs last week are hints of negative divergences with respect to MACD and RSI. Keep in mind that both momentum indicators are remaining above their middle lines and support remains persistent at the 20-day moving average, keeping the bullish thesis for the summer rally timeframe alive, for now. Thursday’s price action merely warrants monitoring, for now, and if we see further downside follow-through in the days ahead, reason to cut short our mid-year optimism may be revealed. Seasonally, stocks tend to remain afloat between the last week of June and the first three weeks of July in what is known as the summer rally, but this mid-year strength gives way to the most volatile period of the year through the months of August and September. Any equity exposure that has been added in recent weeks should be perceived as a trade given this ominous period in the calendar ahead.

equityclock.com

Avg gain in July is 2 pct.
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