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Strategies & Market Trends : News Links and Chart Links

SPXL 214.95

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4:00 PM EST

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From: Les H	9/8/2023 9:41:13 AM
	of 29600

Stocks closed mixed on Thursday as investors gravitated towards defensive market segments amidst growing risks equity price declines. The S&P 500 Index closed with a loss of around a third of one percent, continuing to roll over below gap resistance between 4550 and 4575 that was charted early in August. Momentum indicators are rolling over around their middle lines, hinting of the pending adoption of characteristics of a bearish trend. Support at the 50-day moving average has been lost and the door remains open to see a test of the June breakout point around previous horizontal resistance at 4200. The market has yet to reach the weakest time of the year that encompasses the back half of September, but the technicals are certainly providing notable evidence that this normal period of volatility/weakness that began in August is resuming. So long as the benchmark remains above 4200, reason to look to buy the weakness ahead of the best six months of the year that starts in October exists. equityclock.com

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