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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 H11/22/2023 11:25:42 PM
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Stocks clawed their way higher in traditional pre-Thanksgiving Day fashion as prices hold at overbought territory heading into the holiday. The S&P 500 Index closed with a gain of just over four-tenths of one percent, reaching for the 52-week high that was charted in July at 4600. The Relative Strength Index (RSI) is back above 70, indicative of an overbought condition, and the MACD histogram is declining, both suggestive of near-term risks of a pullback as we head towards the tax-loss selling period in the first half of December. The intermediate path of the benchmark remains positive, which is all that matters to our seasonal approach, but a digestion of the recent strength seems inevitable at some point. Levels of support below remain numerous, including major moving averages and upside open gaps that were charted around 4450, 4325, and 4250. The major line in the sand is the horizontal band between 4100 and 4200, which, as long as it holds as support, reason for a positive intermediate bias into year-end exists.

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