May 9, 2025

By Nigam Arora

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

Hopium Buying

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 the stock market is at the top band of resistance zone 2.
• The chart shows that the stock market is approaching the 200 day moving average.  A legion of investors believe in the myth of the 200 day moving average.  Such investors are waiting patiently for the stock market to go above the 200 day moving average, so they can aggressively buy stocks.