YELLEN DECLARES VICTORY – STOCK MARKET CHEERS, KEY WEEK FOR BITCOIN
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Premature Victory
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 consolidating below the resistance zone but above the mini support zone.
- RSI on the chart shows that the stock market is oversold in the very short term. Oversold markets tend to bounce.
- Consider not paying attention to Dow Jones Industrial Average (DJIA) as represented by ETF DIA (DIA) and instead focusing on S&P 500.
January 8, 2024