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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 H10/17/2023 10:28:29 AM
   of 29599
 
Stocks closed firmly higher to start the week as the market attempts to find comfort in the apparent near-term peak in interest rates and the US Dollar. The S&P 500 Index closed with a gain of over one percent, holding between two major moving averages at the 20 and 50-day. The shorter of the averages (the 20-day) is showing evidence of starting to support the near-term path of the benchmark, while the 50-day moving average at 4400 remains a formidable threat overhead. The intermediate variable hurdle also aligns with the downside gap that was charted in the back half of September, giving investors plenty to react to as they scrutinize the sustainability of what can at least be considered to be an oversold bounce in stocks. The short-term path stemming from the July highs remains that of lower-lows and lower-highs, but the intermediate-term risk-reward of the benchmark remains enticing so long as the band of support between 4100 and 4200 is maintained.

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