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Strategies & Market Trends : News Links and Chart Links

SPXL 200.43

+2.9%

Nov 21 4:00 PM EST

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To: Les H who wrote (28193)	10/7/2023 4:33:12 PM
From: Les H	of 29599

Stocks jumped on Friday following the release of a much stronger than expected read of employment in both the US and Canada. The S&P 500 Index closed higher by 1.18%, erasing the losses that were recorded earlier in the week and bouncing from levels around the band of significant support between 4100 and 4200. Momentum indicators have started to curl higher from oversold territory and MACD appears poised to chart a bullish crossover with its signal line, each providing their own signal to buy. Resistance can be pegged overhead around the declining 20 and 50-day moving averages at 4357 and 4424, respectively. The short-term rebound from levels of support appears to be underway, but the sustainability of this advance continues to warrant scrutiny given the headwinds being imposed by interest rates and the US Dollar. The technicals of each are providing indication of near-term upside exhaustion, providing the leeway for stocks to realize a reprieve from their recent selling pressures navigating into earnings season ahead. equityclock.com Market is open Monday, even though some followers may be off for Indigenous People's Day.

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