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#47/2023: Nasdaq Hits 91 on RSI14 – Precipice of Heaven or Descent into Hell?

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Content provided by Jim Stromberg. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Jim Stromberg or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.

The Nasdaq index shows signs of being overbought, with its RSI14 (Relative Strength Index) topping a historically high of 91, indicating that investors are anticipating further upward movements. Significant market activity is expected despite the shortened trading week due to Thanksgiving on Thursday. Notably, Nvidia is slated to announce its quarterly results this week, which could further influence the trajectory of the market's top performers, often referred to as the 'magnificent 7.'

In the commodities sector, oil prices show resilience, gradually climbing from $75. The upcoming OPEC+ meeting will likely contribute to this trend, especially if oil production cuts continue. Given the current market dynamics, investors might contemplate whether oil could be a more stable investment option, particularly if the Nasdaq undergoes a natural correction before experiencing further increases."

  continue reading

235 episoade

Artwork
iconDistribuie
 
Manage episode 384900328 series 3241853
Content provided by Jim Stromberg. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Jim Stromberg or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://ro.player.fm/legal.

The Nasdaq index shows signs of being overbought, with its RSI14 (Relative Strength Index) topping a historically high of 91, indicating that investors are anticipating further upward movements. Significant market activity is expected despite the shortened trading week due to Thanksgiving on Thursday. Notably, Nvidia is slated to announce its quarterly results this week, which could further influence the trajectory of the market's top performers, often referred to as the 'magnificent 7.'

In the commodities sector, oil prices show resilience, gradually climbing from $75. The upcoming OPEC+ meeting will likely contribute to this trend, especially if oil production cuts continue. Given the current market dynamics, investors might contemplate whether oil could be a more stable investment option, particularly if the Nasdaq undergoes a natural correction before experiencing further increases."

  continue reading

235 episoade

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