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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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To: Les H who wrote (28113)9/2/2023 5:28:05 PM
From: Les H   of 29600
 
Stocks edged mildly higher on Friday as the market showed a fairly peculiar reaction to a rather mixed set of economic data. The S&P 500 Index ended the day with a gain of two-tenths of one percent, charting a bit of a doji indecision candlestick heading into the last long weekend of summer. The benchmark has achieved the positivity that is normal heading into the Labor Day holiday, but near-term signs of buying exhaustion in the past couple of sessions suggests that the positivity binge may be nearing an end. Portfolio managers would be reluctant to hold negative bets while away from their desks, leading to this neutralization push that can carry stocks higher from around the middle of August into the beginning of September. However, the weakest time of the year for the market is directly ahead, spanning the last couple of weeks of the the third quarter and levels on the S&P 500 Index back to the June breakout point at 4200 remain fair game as part of this normal period of volatility/weakness during the third quarter. Downside gap resistance between 4550 and 4575 remains a significant threat overhead. We’ll try to keep an open mind heading into this back-to-school month, but given that the market has performed as it normally does through the summer rally period and through the first half of the period of volatility in August and September, we have no reason to suspect a deviation against this seasonal norm ahead.

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