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Strategies & Market Trends : News Links and Chart Links
SPXL 219.25+2.0%4:00 PM EST
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From: Les H8/3/2023 9:03:50 AM
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Recommended By
Lee Lichterman III

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Stocks dropped on Wednesday as a rating downgrade of US debt sent shivers through the market as investors recollected the events of the last downgrade in 2011. The S&P 500 Index closed the day lower by 1.38%, intersecting with support at the rising 20-day moving average. A downside open gap between 4450 and 4575 has instantly defined a zone of resistance as the widely anticipated correction in stocks following the first half of the year strength starts to become realized. MACD has been diverging from the direction of price for well over a month, highlighting waning buying demand even as stocks reached towards new 52-week highs. Below support at the rising 20-day moving average at 4517, the next significant hurdle that investors should be cognizant of is the rising 50-day moving average at 4394. Ultimately, levels all the way back to previous horizontal resistance from which the benchmark broke out from in June at 4200 are fair game as part of this corrective move that was anticipated to play out during this period of normal volatility in August and September. So long as the horizontal barrier remains intact, the benchmark can still be argued to be within a rising intermediate-term trend, warranting being buyers on the dip.

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