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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	8/24/2023 9:35:59 AM
	1 Recommendation Recommended By Lee Lichterman III Read Replies (1) of 29600

Stocks jumped on Wednesday as yields plunged, expressing the type of normal positivitythat surrounds the period heading into the Labor day holiday. The S&P 500 Index closed with a gain of 1.10%, increasingly reaching back to near-term levels of resistance around the 20 and 50-day moving averages that had been broken in the past few weeks. Momentum indicators on the large-cap benchmark continue to curl higher with Stochastics emerging from oversold territory charted at the start of the week. Volumes in the market continue to dwindle, making easy lifting for the few buyers to elevate prices off of their recent lows. At 1.934 trillion, the consolidated volume on the S&P 500 Index is around 16% below the 50-day average and one of the lowest volume days outside of a holiday period in the past year. This is very normal for this time of year heading towards the last long weekend of summer, but it is when the volumes return in September that the selling pressures that are normal for August and September, overall, resume. equityclock.com Should see both $SPX and $VIX retest their 50-day moving averages.

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