WHOLESALE INFLATION LOWER THAN EXPECTED BUT RETAIL SALES DATA CREATES A RETHINK IN THE STOCK MARKET
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
New Important Economic Data
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 the gap up yesterday and the follow up rally on better than expected Consumer Price Index (CPI).
- The chart shows the mini resistance zone that is the next magnet.
- RSI on the chart shows that the stock market is very overbought in the short term. However, this is common when market mechanics of positioning and year end chase take over.
November 15, 2023