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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 H	10/31/2023 9:14:58 AM
	of 29599

Stocks rallied on Monday as the market shook off the extreme pessimism that was recorded through the end of last week and started the best six month of the year timeframe for stocks on a positive note. The S&P 500 Index closed with a gain of 1.20%, recovering from an oversold state according to the Relative Strength Index (RSI) that was observed at the end of last week. Momentum indicators are showing near-term signs of bottoming, which, if achieved, will result in positive momentum divergences with respect to MACD and RSI. The risk-reward to the benchmark remains favourable to accumulate exposure in this band of significant support between 4100 and 4200 and it will take a break below the lower limit to consider changing this view. Resistance remains well defined at the declining 50-day moving average, now around 4350, keeping the short-term trend of lower-lows and lower-highs intact. Uncertainty in the market remains high, as is investor pessimism, but this creates the ideal setup for stocks to stabilize/move higher given that buyers have been exhausted. equityclock.com

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