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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 H7/22/2023 10:45:01 PM
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The S&P 500 Index advanced by a mere three basis points (0.03%), making little progress to claw back some of the decline recorded in the previous session. Support remains solid at the rising 20-day moving average, now at 4452, and major moving averages continue to fan out in a bullish manner. Thursday’s decline attributed to the technology selloff pulled the benchmark out of overbought territory, according to the Relative Strength Index, but characteristics of a bullish trend remain with RSI and MACD holding firmly above their middle lines. The price action in the past two sessions provides hints that we may have seen the peak to this summer rally timeframe and we must be prepared for the onset of volatility through and beyond the heart of earnings season over the next couple of weeks. This year’s summer rally that ran from the 27th of June to the 17th of July has certainly been one for the record books, returning 4.48% for the S&P 500 Index, which is the 8th best summer rally performance over the past five decades. Looking at the seven instances prior to this one that produced similarly upbeat results, strength continued through the remainder of the year with returns averaging 7.59% between July 17th and December 31st.

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