July 31, 2023

By Nigam Arora & Dr. Natasha Arora

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

Perma Bull Perma Bear Sentiment Indicator

Please click here for a chart of Nasdaq 100 ETF (QQQ).

Note the following:

• The chart shows that the AI frenzy driven rally continues.
• The chart shows that on the pullback, the trendline held. Technically, this is bullish behavior.
• The chart shows that the stock market is back up against the low band of the resistance zone.  The pattern formed is a bullish pattern.  The prior outside day pattern is now negated.
• The chart shows that RSI has pulled back, relieving the overbought condition.