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Strategies & Market Trends : News Links and Chart Links

SPXL 214.97

+2.8%

Nov 25 4:00 PM EST

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From: Les H	8/3/2023 11:29:47 PM
	of 29600

Stocks continued to drift lower on Thursday as the ongoing rise of interest rates pressured prices for the third straight session. The large-cap benchmark has now fallen below and closed beneath the rising 20-day moving average for the first time since May, reflecting the loss of buying momentum that has been observed over the past month. MACD continues to show a divergence versus price, a sign that buying demand has waned at the recent heights. Levels back to June’s breakout point at 4200 are fair game as part of this pullback with other major moving averages providing logical points of reference to support the ongoing positive intermediate trend. The months of August and September are known to be the weakest months on the calendar for stocks, resulting in a spike in volatility in the process, and the price action suggests that this normal gyration is well underway. equityclock.com

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