S&P 500 MAGNET IS 5000 BUT SENTIMENT MAY GET IN THE WAY, IMPORTANT EARNINGS AHEAD
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Important Earnings Ahead
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 stock market has broken to a new high.
- The chart shows the support zone.
- RSI on the chart shows that the stock market is overbought, but the pattern is such that the stock market can go either way.
- For bullish traders, S&P 500 going to 5000 is the magnet, but sentiment may get in the way.
January 22, 2024