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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 H12/5/2023 12:32:30 AM
   of 29599
 
Stocks closed mixed on Monday as investors rotated from former leaders in growth sectors (technology and communication services) and attempted to rejuvenate buying demand in some of this year laggards (eg. small caps, REITs, banks). The S&P 500 Index closed with a loss of just over half of one percent, once again realizing a stall of buying momentum below the July high of 4600. The Relative Strength Index (RSI) has again fallen out of overbought territory above 70 and MACD is on the verge of triggering a sell signal as it closes in on its signal line. A pause/digestion of the strength from the rally off of October low amidst the normal tax-loss selling period is showing signs of getting underway. While this near-term retracement lower in prices is normal for the first half of December, the intermediate path of the benchmark continues to show everything to be enticed by from a seasonal holding perspective, suggesting that opportunities from this pullback should arise. Levels of support below the market remain numerous, including major moving averages and upside open gaps that were charted from the rebound off of the band of significant horizontal support between 4100 and 4200; the likely point of support as part of this seasonally normal digestive phase is November 14th’s upside gap around 4450, barring the revelation of a negative catalyst. A drawdown to this juncture, while insignificant from the context of the late October to start of December gain, would be significant compared to the mere 0.3% decline that is normal through the first half of December.

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