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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	11/2/2023 9:46:35 PM
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The S&P 500 Index has retraced its recent losses to reach back to the upper limit of its short-term declining trend channel. Stocks rallied for a fourth straight session on Thursday as a plunge in the cost of borrowing had investors taking on risk. The S&P 500 Index added 1.89%, gaping back above its 20 and 200-day moving averages to close back in on recent defined resistance at the 50-day moving average (~4350). The intermediate moving average coincides with the upper limit of the declining trend channel that the benchmark has been in since July, presenting another hurdle where digestion of recent strength may be realized. The benchmark remains resilient above the horizontal band of support between 4100 and 4200, providing the ideal risk-reward to accumulating risk (stocks), so long as price remains above. MACD has charted a new buy signal by crossing above its signal line and the Relative Strength Index (RSI) has inched above its middle line. These momentum indicators had been suggesting waning selling pressures over the past week, lining us up for the rebound of prices that has now been realized. equityclock.com

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