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Strategies & Market Trends : News Links and Chart Links

SPXL 219.25

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From: Les H	7/28/2023 9:46:03 AM
	of 29600

The S&P 500 Index ended the day down by just less than two-thirds of one percent, charting an outside reversal candlestick after the benchmark hit our proposed target for the summer rally of 4600 earlier in the day. The bearish engulfing candlestick is derived by an open higher than the previous day’s high and a close lower than the prior session’s low, signalling buying exhaustion precisely at this hurdle that we had been targeting since the breakout above previous significant horizontal resistance at 4200. The reversal session resulted in a bearish crossover with respect to MACD, which has been showing a divergence versus price for some time, highlighting the lack of enthusiasm investors have been expressing towards stocks at these heights. The setup presents the best chance to see the correction back towards levels of support below, such as major moving averages, and the fact that this buying exhaustion is occurring directly ahead of the period of normal volatility in the market only increases the probability that a pullback will proceed. There is nothing yet to suggest that the rising intermediate trend is at risk, but the technicals and seasonals are aligning to suggest caution in the near-term until a more appropriate risk-reward point to be aggressive in stocks materializes. equityclock.com Need at least 1% down day to signify a short term top and 2% for major top, according to the old IBD rules, neither of which occurred,

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