February 2, 2023

By Nigam Arora & Dr. Natasha Arora

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

Bulls Euphoric

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 stock market has moved above the top band of the support/resistance zone.  Considering the recent history of the market, this is a big deal.
• The move above the top band is a buy signal in traditional technical analysis.  Expect those who exclusively follow technical analysis to buy stocks aggressively.
• The pattern of RSI shown on the chart is positive.