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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	7/13/2023 9:12:23 AM
	of 29600

The S&P 500 Index closed higher by just less than three-quarters of one percent, plotting an upside gap at 4450 and offsetting the downside gap charted last week that resulted in speculation of an island reversal pattern. Support for the benchmark remains firm at the rising 20-day moving average and the other moving averages continue to fan out in a bullish manner, presenting other hurdles below for the benchmark to shoot off of. Momentum indicators are showing similar bullish characteristics above their middle lines, seemingly poised to cross into overbought territory again should this summer rally strength persist. The benchmark is knocking on the door of an important psychological level at 4500, but the calculated upside target that the breakout of the 400-point span between 3800 and 4200 suggests could see the benchmark reach 4600 before the summer rally concludes. Seasonally, the market remains support between the last week of June through the first few weeks of July, a phenomenon that is certainly underway. equityclock.com

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