August 9, 2024

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.