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Strategies & Market Trends : News Links and Chart Links

SPXL 219.25

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4:00 PM EST

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From: Les H	8/2/2023 10:21:00 AM
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Stocks pulled back slightly on Tuesday as rates and the dollar jumped amidst investor optimism pertaining to the strength of economic data. The S&P 500 Index slipped by just over a quarter of one percent, continuing to hold within the range of the bearish engulfing candlestick that was charted last week around resistance at 4600. Ongoing degradation in market momentum can be seen as MACD diverges from the direction of price amidst a renewed sell signal with respect to this technical indicator that was triggered in recent days. Support for the large-cap benchmark remains firm around the rising 20-day moving average, however, levels all the way back to the horizontal breakout point at 4200 are fair game as part of a near-term pullback coinciding with the period of normal volatility in the market during August and September. While the trajectory of the benchmark remains positive and we do not expect this to change on any near-term correction, the risk-reward to holding elevated equity exposure at present levels is not ideal, but using any weakness through the months ahead to buy remains prudent. equityclock.com

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