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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 H8/11/2023 9:30:53 AM
1 Recommendation

Recommended By
Sam

   of 29600
 
Stocks closed near the flat-line on Thursday, giving up all the strong gains that had been achieved earlier in the session as investors remain in this phase of taking advantage of strength to sell rather than to buy. The S&P 500 Index closed higher by a mere three-basis points (0.03%) after testing previous support, now resistance, at the 20-day moving average. The variable hurdle is now pointing lower, defining a declining path over a short-term timeframe. The benchmark still appears intent to test intermediate support around its 50-day moving average, now at 4432, although, levels down to the June breakout point of 4200 are fair game as part of this period of normal volatility/weakness that spans the months of August and September. Momentum indicators on the daily chart are still pointed lower, not providing any indication, yet, that stocks are set to resume their rising path anytime soon.

equityclock.com
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