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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 H11/7/2023 2:30:23 PM
   of 29599
 
Stocks closed mildly higher on Monday as investors digested the strong gains from the past week. The S&P 500 Index added just less than two-tenths of one percent, attempting to hold levels above the 50-day moving average that was broken as resistance last week. While the benchmark has been inching above many of the major moving averages that threatened to cap any advance from the recent lows, we can see that price has merely found its way into this cloud of potential resistance and there is still quite a bit of work to do in order to redefine these hurdles as levels of support, as has been the case for much of this year. Moving averages are evolving from a state of expansion relative to one another to a state of contraction where the spreads are converging as momentum wanes. Historically, some of the best times to buy stocks have been realized when the spreads between major moving averages are narrow and they act as positions of support before they start expanding, while some of the poorer times to get involved are when spreads are wide and starting to narrow, as looks to be the case now. The big zone for the S&P 500 Index remains the band of significant support between 4100 and 4200 and, as long as the benchmark remains above this threshold, investors can find ways to be constructive on the long-side of the large-cap benchmark.

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