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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 H9/22/2023 12:11:42 AM
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Bonds so far failing to provide a hedge to equity volatility

Stocks dropped on Thursday as a jump in the cost of borrowing and concerns over the impact of a government shutdown had investors trimming risk from portfolios. The S&P 500 Index closed down by 1.64%, realizing the largest single session percentage decline since March, amidst the banking crisis. The benchmark has cracked below short-term support presented by the August low at 4335, a level that could be argued as representing the neckline to a head-and-shoulders topping pattern. Theory suggest that the downside target of the setup projects a move to levels just below 4100, however, previous significant horizontal resistance, now implied support at 4200 is bound to put up a big fight. A move below 4200, now also aligning with the rising 200-day moving average, would bring upon a whole new set of technical challenges that we can address should the market get to that point. Momentum indicators continue to roll over below their middle lines with MACD remaining on a sell signal. Characteristics of a bearish trend are increasingly apparent, which, combined with the negative seasonal backdrop for the last half of September, is not the type of environment to be aggressive in risk (stocks).

equityclock.com
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