UNEMPLOYMENT RATE INCREASE COULD BE THE EXCUSE FED NEEDS TO CUT RATES
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.
December 6, 2024