August 14, 2023

By Nigam Arora & Dr. Natasha Arora

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

Market Makers Hedged

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

Note the following:

• The chart shows that QQQ touched the low band of the resistance zone and backed off.
• The chart shows that the trendline supporting the recent rise is now broken.
• RSI on the chart shows that in the very short term the stock market has become oversold.
• Early this morning, the momo crowd aggressively bought stock futures on bad news from China.
  • The latest news is that Zhongzhi Enterprise, a top wealth manager, is unable to make payments on high yield investment trusts it sold to wealthy Chinese.