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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 H11/30/2023 11:01:48 AM
   of 29599
 
Injections to the Strategic Petroleum Reserve (SPR) have restarted, presenting a bullish backdrop for the price of oil heading into its period of seasonal strength for price.

Stocks had another lacklustre showing on Wednesday as the buying demand out of the October low slows heading into the normal tax-loss selling period. The S&P 500 Index closed down by just less than one tenth of one percent, continuing to show signs of stalling below the July high and resistance at 4600. Momentum initiators continue to roll over from overbought territory and the MACD histogram continues to contract, setting up for a pending sell signal for the momentum indicator in the days ahead as the market digests the strength delivered over the past month. Levels of support below remain plentiful, working to keep the positive intermediate-term path of the benchmark intact. A pullback through the weeks ahead coinciding with the traditional tax-loss selling period would present the ideal setup to become aggressive again in risk for the Santa Claus rally period that spans the back half of December and into the start of the new year. For now, the near-term risk-reward is less than favourable although all we really care about for positioning in portfolios is the intermediate direction coinciding with a seasonal framework, therefore there is little to respond to as it pertains to our strategy.

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