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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 H10/19/2023 10:33:21 PM
2 Recommendations

Recommended By
ajtj99
Lee Lichterman III

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Stocks continued to weaken on Thursday as investors remain focused on the rising path of interest rates. The S&P 500 Index closed lower by over eight-tenths of one percent, moving below implied short-term support at the 20-day moving average. Resistance at the 50-day moving average around 4400 has proven to be a formidable cap as the benchmark reaches back to significant horizontal support at 4200. The short-term trend of lower-lows and lower-highs stemming from the July peak persists. The risk-reward to stocks still appears enticing at the horizontal band below, but the lack of resilience of the bulls at the 20-day moving average obviously opens up the threat to a more significant breakdown ahead. The best six months of the year trend for stocks begins on October 28th, on average, and, between now and then, it may be prudent to limit risk in portfolios until greater clarity pertaining to the strength of support behind this market is achieved. The status quo remains: strength in interest rates bodes poorly for stocks. We need to either see the cost of borrowing peak or the pattern to break, although the latter scenario has the prospect of coinciding with a broad economic recession.

equityclock.com

Market log ratios are neutral to slightly bearish now. Dow's 12-49 Price Phase finally turned down today. All the other indices use a 10-40 MACD which turned down yesterday. Also have 5-34-5 Profitunity MACD signal line crossovers on the daily today. The last two daily sell signals in July and September lasted about a month. The weekly 5-34-5 last gave a signal in July for a sell and has yet to turn back up.
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