STELLAR RETAIL SALES BUT TARGET EXPOSES THE CRACKS
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Stellar Retail Sales
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 consolidating below the low band of the upper support/resistance zone.
- The chart shows that RSI is overbought but the pattern is such that it can go either way.
- The U.S. economy is about 70% consumer based. For this reason, prudent investors pay close attention to retail sales. Retail sales were stellar.
November 16, 2022