POWER OF OVERSOLD BOUNCE OVERCOMES ANOTHER WEAK TREASURY AUCTION
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Weak Treasury Auction
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 around the support zone.
- RSI on the chart shows that the stock market has moved out of the oversold zone.
- The price action in the stock market today will depend on the battle between smart money and the momo crowd.
- The momo crowd is buying on the belief that the correction is over and the Fed will come to the rescue.
August 9, 2024