May 17, 2021

By Nigam Arora & Dr. Natasha Arora

To gain an edge, this is what you need to know today.

In Fed We Trust

Please click here for a chart of    Nasdaq 100 ETF (QQQ).

Note the following:

• The chart shows that RSI had become very oversold.
• As we have been stating, when a market becomes oversold, it tends to bounce.
• The chart shows that momo buying has caused the market to bounce.
• The chart shows that during the decline, the market did not even touch the support line.  This is a positive.
• The chart shows that the market closed above the support/resistance line.