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Strategies & Market Trends : News Links and Chart Links

SPXL 214.95

+2.8%

4:00 PM EST

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Lee Lichterman III

From: Les H	9/26/2023 10:41:45 AM
	1 Recommendation of 29600

Stocks closed mildly higher on Monday as investors try to shake off concerns related to the ongoing rise of interest rates that triggered the sharp selloff in equity markets last week. The S&P 500 Index punched out a gain of four-tenths of one percent, closing back at previous short-term support at 4335 that was broken last week. The 50-day moving average has joined the 20-day curling lower, both providing points of resistance overhead as the market seeks to close out the weakest/most volatile time of the year during the back half of September. Momentum indicators are showing slight signs of stabilization following Monday’s reprieve in selling pressures, but characteristics of a bearish trend remain as they adopt positions below their middle lines. Levels down to previous horizontal resistance at 4200 remains fair game in order to mitigate any significant damage prior to the start of the best six months of the year for stocks; below this threshold, we have to consider longer-term negative implications, quite possibly coinciding with a recessionary downturn in the market. equityclock.com I show 4160 near the 50% retracement level for the rally.

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