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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	11/18/2023 8:55:33 PM
	of 29599

Stocks edged higher on Friday as a rebound in the beaten down energy sector helped to support broader risk sentiment. The S&P 500 Index ended higher by just over a tenth of one percent, still showing a bit of hesitation around psychological resistance at 4500 as near-term buying demand becomes exhausted. The benchmark is increasingly inching towards overbought territory according to the Relative Strength Index (RSI) as price becomes stretched in the near-term, but this is indication of a bullish trend rather than anything to be concerned of over an intermediate-term timeframe. A short-term period of digestion of recent strength is still desirable before we get into the month of December, but, with positive tendencies for stocks persisting through the US Thanksgiving holiday week ahead, pegging when a short-term pullback may occur continues to be a difficult task. Levels of support below the benchmark remain numerous, including the levels of gap support charted in recent weeks, along with major moving averages, keeping the risk-reward on the side of the bulls over an intermediate-term timeframe (eg. through the end of the year). equityclock.com

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