Oct 31, 2023
(10/31/23) Markets were deeply oversold Monday, and had a very
nice rally: Was it a trick or a treat? Markets will need to confirm
over the next few days whether or not its rise is for real, and
that the recent sell-off is over. The problem is running into
resistance at the 200-DMA, at about 4,230, which markets broke last
week. That will also coincide with the 20-DMA as it intersects with
the 200-DMA. If markets can get above the 200-DMA, it will suggest
the year-end rally is intact. If so, the 4,250 region will be a
likely level to reduce risk and raise some cash (that will also be
the top of the downtrend channel that's been building over the last
couple of months.)
Hosted by RIA Advisors Chief Investment Strategist, Lance Roberts,
CIO
Produced by Brent Clanton
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