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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 H7/14/2023 9:49:30 AM
1 Recommendation

Recommended By
Lee Lichterman III

   of 29600
 
The S&P 500 Index closed with a gain of over eight-tenths of one percent, edging past psychological resistance at 4500. Next stop following this break of short-term psychological resistance is to the target that we have proposed previously at 4600, based on the calculated projection from the breakout of the 400-point range between 3800 and 4200. Support remains solid around the 20-day moving average at 4408. The advance has placed the Relative Strength Index (RSI) back above 70, classifying an overbought condition that risks exhausting buying pressures in the near-term. For now, signs of this buying exhaustion remain absent and the path for prices, both on a short and intermediate-term basis, remains positive, supported by rising moving averages. Seasonally, the average peak to the summer rally period is on July 17th (Monday), but strength encompassing the entire month of July is the norm as prices run higher into the start of earnings season.

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