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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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To: Les H who wrote (28051)	8/9/2023 11:21:15 AM
From: Les H	of 29600

At the high of the previous session, the short-term variable hurdle was hit and it has since backed off, confirming the previous level of support now as a point of resistance. Price and the rising 50-day moving average at 4421 are quickly converging on one another in what will provide the next major test of the rising intermediate-term path of the benchmark that has been underway since the October low. The Relative Strength Index (RSI) is showing a rather neutral read around its middle line and MACD remains on a sell signal following the bearish crossover of its signal line that was triggered at the end of July. Within this period of seasonal volatility, levels down to June’s breakout point from horizontal resistance at 4200 are fair game, providing a healthy reset ahead of the best six months of the year for stocks that starts in October. Traditionally, taking advantage of the volatility that is normal in the last two months of the third quarter (and often into the start of October) to accumulate equities upon weakness typically proves to be an effective strategy to add alpha to portfolios. This pattern is already well underway. equityclock.com

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