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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 H8/7/2023 11:42:59 AM
1 Recommendation

Recommended By
Lee Lichterman III

   of 29600
 
Resistance can continue to be pegged at the downside open gap that was charted mid-week between 4450 and 4475, highlighting a cap to the short-term path that is now resulting in a pullback aligned with seasonal norms for this time of year. As has been highlighted in recent reports, levels down to the June breakout point at 4200 are fair game as part of this correction coinciding with the period of average volatility in the market, but the technicals suggest that this retracement warrants buying as part of the intermediate progression of higher-highs and higher-lows. Momentum indicators are pointing lower with the Relative Strength Index (RSI) starting to slip below its middle line. MACD triggered a sell signal on July 27th following a divergence against price that had materialized over the past month and prices have faltered ever since. Seasonally, this period of weakness continues, generally, through the end of September, with a holiday reprieve surrounding Labor Day. From what the technicals are portraying, this is a fair assessment of what we should see play out, barring some catalyst to the contrary, but this normal gyration should provide an ideal setup to be buyers of stocks again ahead of the best six months of the year for stocks that gets underway in October.

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