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Strategies & Market Trends : News Links and Chart Links

SPXL 209.18

+4.4%

Nov 24 4:00 PM EST

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From: Les H	9/21/2023 10:32:09 AM
	1 Recommendation Recommended By Lee Lichterman III of 29600

he S&P 500 Index closed down by just over nine-tenths of one percent, moving below short-term support at its 20-day moving average. The appearance of a lower-high below the July’s peak changes the profile of the market since last October’s low from one of higher-highs and higher-lows to, now, one of lower-highs and, presumably, lower-lows. The benchmark is rolling over around its 50-day moving average, a logical level to see the intermediate path of the benchmark deteriorate once buying demand fades. Momentum indicators are rolling over below their middle lines, readopting characteristics of a bearish trend that were commonplace through the first three quarters of last year. Downside risks continue to be seen in the near-term towards the June breakout point at 4200; anything below this level would have longer-term negative implications that threaten to encroach on the best six month of the year trade for stocks that starts in October. equityclock.com Nice head-and-shoulders breakdown on the RUT and the SOX breaking down through the long-term uptrend.

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