INVESTORS ELATED ON CPI DATA, DR. COPPER AT A NEW HIGH ON SHORT SQUEEZE
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Cooler Inflation 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 that the stock market is breaking out above the resistance zone.
- The chart shows a highly unusual occurrence – RSI is at 100. This is the most extreme overbought level. The extreme overbought level indicates that either the stock market is ready for another strong up leg, or the breakout is going to fail.
May 15, 2024