September 18, 2024

By Nigam Arora & Dr. Natasha Arora

To gain an edge, this is what you need to know today.

Fed Credibility At Stake

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 near the resistance zone.
• The chart shows that the rally has been on low volume.  This indicates a lack of conviction.
• The chart shows that RSI has just entered the overbought zone.  This indicates that the stock market can go either way.
• The chart shows that if the stock market does not break out and turns down from here, it will be tracing a triple top.