December 6, 2024

By Nigam Arora & Dr. Natasha Arora

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

Fed’s Excuse

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 there is buying in the stock market this morning after the release of the jobs report.
• RSI on the chart shows that the stock market is overbought but has more room to run up.
• The chart shows that volume remains low.  The correct interpretation here is that there are very few sellers.
• The jobs report is providing ammunition to stock market bulls.