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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 H11/27/2023 10:32:37 AM
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Stocks were little changed in the shortened post Thanksgiving day session as traders took a break to enjoy the holiday. The S&P 500 Index closed with a gain of a mere six basis points (0.06%), holding around multi-month highs as the market looks towards the tax-loss selling period that is normal in the first half of December. The benchmark remains in overbought territory according to the Relative Strength Index (RSI) and the MACD histogram continues to narrow, suggesting near-term exhaustion and lending to the likelihood that the market will realize a pause/re-tracement in the near-term coinciding with the year-end portfolio reallocation tendency. The intermediate seasonal pattern remains positive, benefiting from the Santa Claus Rally period that plays out in the back half of December, but a near-term digestion is certainly reasonable and probable. Levels of support below the benchmark remain numerous, including gap support (4450, 4325, and 4250) and major moving averages. On the extreme side, the 50-day moving average at 4344 is logical near-term retracement point, but it is likely that, barring some shock fundamental event, levels around gap support in the range of 4400 to 4450 will be the propping point to the end-of-year rally that tends to carry stock prices higher into the start of the new year.

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