CONSUMERS SPLURGE BUT POTENTIAL DOWNGRADE OF JP MORGAN AND CHINA DATA HIT THE SENTIMENT, SAUDI ARABIA BUYS NVIDIA CHIPS
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Consumers Splurge
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 backed off after touching the low band of the mini resistance zone but is still significantly above the top support zone.
- RSI on the chart shows that the stock market is coming out of the oversold condition.
- The U.S. economy is 70% consumer based. Therefore, retail sales data carries heavy weight in the adaptive ZYX Asset Allocation Model with inputs in ten categories.
August 15, 2023