August 31, 2022

By Nigam Arora & Dr. Natasha Arora

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

ADP Data

Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

• The chart shows that the market is consolidated below the micro resistance zone.

• The chart shows that RSI is very oversold.  When the market is this oversold, rallies can easily occur.
• The pattern that RSI has traced often leads to a lower market after a quick rally first.
• ADP is the largest private payroll processor in the country.