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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	11/17/2023 10:38:10 AM
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Stocks closed mixed on Thursday as questions pertaining to the health of the economy had investors selling down consumer stocks, both staples and discretionary. The S&P 500 Index closed with a gain of just over a tenth of one percent, continuing to show a slight stall around psychological resistance of 4500 as traders scrutinize how far price has come since the end of October. Levels of support below the benchmark remain plentiful, including open gaps and major moving averages, while levels of resistance are becoming fewer the higher the benchmark climbs. This is an attribute of a bullish trend and, although some digestion appears logical before the next advance materializes coinciding with the normal end-of year strength, holding a positive bias towards equity allocations in portfolios remains warranted. The Relative Strength Index (RSI) continues to knock on the door of overbought territory around 70 and the MACD histogram is showing signs of upside exhaustion, both conducive to realize a retracement lower in prices over the near-term. equityclock.com

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