November 16, 2022

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.