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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	8/17/2023 10:35:24 AM
	Read Replies (1) of 29600

The loss of the important intermediate moving average as support opens the door to a test of the 100-day moving average at 4288, although levels all the way back to the June breakout point at 4200 are fair game as part of this period of seasonal weakness for stocks. The intermediate-term trend is still deemed to be that of higher-highs and higher-lows and that is not expected to change on this pullback, suggesting that looking for an entry point to the equity market ahead of the best six months of the year for stocks that starts in October will prove to be prudent. Momentum indicators are starting to relinquish their characteristics of a bullish trend by falling below their middle lines. Breaking up this period of broad weakness that spans the months of August and September, weakness through the middle of August typically sees a reprieve surrounding the Labour day holiday before the selloff returns in the back half of September, suggesting that we could be nearing the end of this initial declining phase before a bounce commences. However, with short-term resistance around the declining 20-day moving average, now at 4514, and tendencies, broadly, for stocks leaning negative into the end of the third quarter, we don’t see too much reason to be enticed by this pullback yet until we near the fall season. The unwind of the formerly beloved growth trade (eg. Technology) remains the driver of this pullback and the rise of treasury yields to the highest level in over 15 years certainly doesn’t help to get investors re-engaged in this former leadership group of the market. equityclock.com

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