WEAK SEASONALITY AHEAD IN THE STOCK MARKET BUT BULLS HAVE A GOOD ARGUMENT
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Weak Seasonality
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 is below the mini resistance zone. The mini resistance zone shown on the chart is a magnet for traders.
- RSI on the chart shows that after the late August rally, momentum is waning.
- September is seasonally weak. However, bulls have a good argument – in years when S&P 500 is up more than 10% going into September, September tends to be positive.
September 5, 2023