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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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To: Les H who wrote (28303)11/27/2023 3:03:56 PM
From: Les H1 Recommendation

Recommended By
robert b furman

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Due to a confirmed Zweig Breadth Thrust and other breadth expansion indicators derived from the October 30th initial rally, any selloff is likely an overbought, reversion type selloff, which makes it buyable. It’s premature to determine the depth of a selloff since the potential high has not been recorded. In general, any price above the gap cover level at 4421.76 is fair game. Below TDST Support at 4347.42 would certainly be concerning.

Looking out farther to the SPX weekly chart, the active count is TD Sell Setup @3. If a reversal does occur next week, one or two weeks of consolidation should keep the weekly count intact for more upside, possibly recording a TD Sell Setup @9. This can occur near the end of December. If the SPX is trading below all time highs at 4818.62 with the ‘9’ count, be aware of bullish sentiment for 2024. Rather monitor signs of a bull trap that may lead the SPX down deep.

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