TWO DIFFERENT MARKET MECHANICS DRIVING THE STOCK MARKET IN OPPOSITE DIRECTIONS
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Stock Market Mechanics
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 pulled back to the top band of the top support/resistance zone. This is a disappointment to the bulls as they were expecting a straight shot up.
- RSI on the chart shows that the stock market has relieved its overbought condition due to the pullback and now can easily go either way.
June 27, 2023