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Strategies & Market Trends : News Links and Chart Links

SPXL 194.72

-4.6%

Nov 20 4:00 PM EST

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To: Les H who wrote (28241)	10/26/2023 10:28:13 PM
From: Les H	of 29599

Today marks the average start to the best six months of the year for stocks. Over the past five decades, the S&P 500 Index has gained an average of 8.12% between October 27th and May 5th. Stocks continued to struggle on Thursday as weakness in technology pulled broad market benchmarks lower. The S&P 500 Index closed with a loss of 1.18%, pushing further into the significant band of support between 4100 and 4200. The short-term trend of lower-lows and lower-highs stemming from the July peak persists, but connecting the lines between the peaks and the troughs of this path shows that the benchmark is testing the lower limit of its prevailing declining span. Both the horizontal band and implied declining trendline resistance present make-or-break points to the intermediate path of the benchmark as we prepare for the start of the best six month of the year timeframe that begins today. The Relative Strength Index (RSI) is back on the verge of oversold territory, providing the setup that could result in downside exhaustion ahead of this favourable timeframe for the market ahead. Investors are seemingly on the lookout for downside capitulation where the bears relinquish control to the bulls, something that there is a good likelihood of occurring in this zone, but we will let the tape tell the story. Heading through the final few days of October and into the first week of November, there is traditionally an upside bias, therefore the bears will have their work cut out for them to continue the recent pace. equityclock.com The Dow Jones probably needs to break support soon to enter the climactic sell off. FANGMAN top 7 stocks in the Nasdaq and $SPX went down another 3% and broke horizontal support as did Nsadaq, $NDX, and $SPX this week. $SPX sits on a lower trendline for the downtrend from July.

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