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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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Lee Lichterman III

From: Les H	10/21/2023 5:22:47 PM
	1 Recommendation of 29599

Stocks closed lower on Friday as investor continue to monitor the rising path of treasury yields and ongoing geopolitical uncertainties. The S&P 500 Index shed 1.26%, inching closer to the band of significant horizontal support between 4100 and 4200. Resistance at the declining 50-day moving average continues to hold firm as the benchmark intersects with the 200-day moving average for the first time since March. While the horizontal band of support holds a higher degree of significance than the 200-day, history tells us that nothing good happens in the market when price is below this long-term hurdle. The benchmark remains in this short-term declining trend of lower-highs and lower-lows, capped by the 50-day moving average, and we are watching closely how resilient this market is around the levels of significance below. Core cyclical sectors of the market, encompassing a number of sectors/industries that have been on our Avoid list for some time, are responsible for the recent market weakness, highlighting diminished risk sentiment as investors seemingly prepare for a tougher backdrop for stocks and the economy ahead. equityclock.com

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