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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 H	8/30/2023 10:21:05 AM
	of 29600

The S&P 500 Index closed with a gain of 1.45%, breaking above resistance at the 20 and 50-day moving averages that hover around 4450. The breakout opens the door to a retest of downside gap resistance that was charted at the start of August between 4550 and 4575, an event that fuelled the weakness that was realized through much of this post-summer rally period. MACD has just charted a fresh buy signal following the crossover above its signal line, coinciding with this normal positivity that tends to support stocks around the end of August and beginning of September. Broader (intermediate-term) seasonality still favours volatility/weakness through the months of August and September, overall, and the weakest period of this span is still ahead. Levels down to the June breakout zone at 4200 remain fair game as part of this corrective phase. equityclock.com

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