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Power Of Oversold Bounce Overcomes Another Weak Treasury Auction

Benzinga ·  00:01
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To gain an edge, this is what you need to know today.

Weak Treasury Auction

Please click here for an enlarged chart ofSPDR S&P 500 ETF Trust(NYSE:SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

  • The chart shows that the stock market is consolidating around the support zone.
  • RSI on the chart shows that the stock market has moved out of the oversold zone.
  • The price action in the stock market today will depend on the battle between smart money and the momo crowd.
    • The momo crowd is buying on the belief...
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