When we left off on Wednesday morning which seemed like a year ago, I showed a number of charts that were supportive of the stock market finding “A” bottom earlier this week.
The Fed is expected to reduce interest rates at the FOMC meeting, with a 25 or 50 basis point cut. Investors are betting on a 50 basis point cut and are reshuffling their portfolios, favoring value-oriented ETFs and gold.
On Thursday, technology brushed off the weakness from the previous session and punched their way to a solid rally. The Nasdaq 100 closed at 17,345, a gain of 1.2%. That rally for the NDX is an important win for bulls.
The stock market may be trying to put in a stock market bottom following an epic stock market rally where stocks bounced and rallied hard. In this video we will review the S&P 500 and see what it can tell us about the way forward/
