POWELL JACKSON HOLE HOPIUM IS AT HAND, NVIDIA HOPIUM IS AHEAD, CARRY TRADE RISK
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Hopium
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 after tracing a V bottom on the carry trade unwind, the stock market is in the resistance zone.
- The RSI pattern shown on the chart is such that the stock market can go either way.
- Bulls are hopeful that Powell’s speech at Jackson Hole today will trigger a breakout in the stock market to a new high.
August 23, 2024