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Strategies & Market Trends : News Links and Chart Links
SPXL 214.95+2.8%Nov 25 4:00 PM EST
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From: Les H8/28/2023 9:53:40 AM
1 Recommendation

Recommended By
Lee Lichterman III

   of 29600
 
Breakout from trend channel resistance on the US Dollar Index threatens to impose a headwind against stocks moving forward.

Stocks closed higher on Friday, stabilizing following Thursday’s significant reversal that confirmed the 50-day moving average as a point of resistance. The large-cap benchmark ended with a gain of two-thirds of one percent, charting a bit of an indecisive doji candlestick below the aforementioned barrier at the intermediate-term moving average. The 20-day moving average is now crossing below the equivalent threshold and the current technical state now increases the probability that the market will run a full retracement of its June and July breakout move above 4200 by the end of this period of seasonal weakness. A pullback to the aforementioned zone has been the fair assumption of the magnitude of the pullback during this normal period of volatility/weakness that spans the months of August and September. The Relative Strength Index (RSI) is sitting below its middle line, adopting characteristics of a bearish trend following a prolonged period between March and August showing bullish characteristics. While a reprieve in selling pressures continues to be sought surrounding the normally upbeat Labor day holiday period, the broader period of seasonal weakness that concludes by the end of September/beginning of October still leaves reason for caution in portfolio positioning.

equityclock.com

November and December FOMC meetings now have odds tilted at > 50% towards another rate increase.
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