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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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From: Les H10/30/2023 1:21:29 PM
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Stocks continued to struggle into the end of the week as investors express their hesitation of holding elevated levels of risk amidst ongoing geopolitical turmoil. The S&P 500 Index closed lower by just less than half of one percent after touching the lower limit of the band of significant horizontal support between 4100 and 4200. The violation of the lower limit of the declining trend channel that the benchmark has been in since July gives the trajectory a bit of a parabolic look, highlighting the emergence of a disorderly move as the index contends with the horizontal band that is upon us. The Relative Strength Index (RSI) has slipped into oversold territory below 30 for the second time this month, continuing to exhibit characteristics of a bearish trend that has kept traders inclined to remain sellers of stocks. At some point, a reprieve in selling pressures is a reasonable bet coinciding with the start of the best six month of the year trend for the market, but there remains questions as to how sustainable any advance during this favourable timeframe will be. A violation of the current band that is being tested would start to lend itself to a significant lower high below the January of 2022 peak, which would not bode well for the long-term path of the benchmark. Below the aforementioned band, the next logical hurdle to scrutinize is the band of support between 3600 and 3800. The market remains in a highly pivotal position for both the intermediate and long-term paths heading into what is traditionally an upbeat timeframe for the market through the next six months.

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