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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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From: Les H10/16/2023 10:19:45 AM
   of 29599
 
Stocks pulled back slightly to close the week as an apparent escalation of tensions in the middle east has investors seeking safety within portfolios. The S&P 500 Index closed down by half of one percent, continuing to show reaction to resistance around the declining 50-day moving average. Support remains embedded at 4200, aligning with the level of the rising 200-day moving average. Momentum indicators on the daily chart are showing hints of starting to roll over at levels around their middle lines, a revelation that is characteristic of a bearish trend. The short-term trend stemming from the July peak can continue to be deemed as that of lower-lows and lower-highs, but the intermediate-term trend stemming from last October’s low is still suggested to be positive, supported by longer-term moving averages. The prevailing intermediate path remains conducive to keeping market participants engaged heading towards the start of the best six months of the year timeframe that gets underway at month-end, but there remains significant questions as to the sustainability of the strength from here.

equityclock.com

$SPX will probably be up for the 13th Monday in a row, based on today's open and the market being down two days in a row raising the odds.
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