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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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Sam

To: Les H who wrote (28400)	1/24/2024 9:34:58 AM
From: Les H	1 Recommendation Read Replies (1) of 29599

While major equity benchmarks may be at a record high, market sentiment and positioning indicators seem rather neutral (neither bullish nor bearish). Stocks drifted mildly higher on Tuesday as traders remain in “buy mode” following the breakout of major benchmarks to new all-time highs in the past few days. The S&P 500 Index ended with a gain of three-tenths of one percent, now around 65-points above previous resistance at 4800; the breakout of the short-term consolidation pattern that the market battled with through the first couple of weeks of January has an upside target of 4900. Short-term support can continue to be pegged around the rising 20-day moving average (4770). The spread between major moving averages and the level of momentum indicators above their middle lines remain characteristic of an intermediate-term bullish trend, something that is not expected to change to anything actionable for some time to come. The Relative Strength Index (RSI) is edging back into overbought territory above 70, which could easily exhaust buying pressures in the short-term, but it is still reminiscent of a bullish path over a multi-month timeframe. Market technicals remain overwhelmingly positive, warranting the ongoing positive view of the direction of stocks. equityclock.com Market's rising on increased bank use of the BTFP (Bank Term Funding Program) since the end of October when the Fed lowered the interest rate on borrowed funds. The market also looks like the concentration of market cap is broadening out beyond the magnificent 7 or the top 10. The top 10 comprised 30% of the stock market cap. The top 25 are now 40%.

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