US Market Soars After Fed Rate Cut, But Chartist Warns Of Potential Stock Plunge Citing This Classic Sell Signal
Portfolio Pulse from Shanthi Rexaline
The U.S. market has surged following a Federal Reserve rate cut, with the S&P 500 and Dow Jones Industrial Average reaching new highs. However, a chartist warns of a potential sell-off due to a divergence between the Dow Industrials and Dow Transportation averages, a classic sell signal. Additionally, a looming dock workers' strike could disrupt supply chains and impact the economy.
September 30, 2024 | 8:22 am
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) saw a slight decline despite the broader market rally, as concerns over a potential sell-off and a dock workers' strike loom.
Despite the market rally, SPY ended slightly down, indicating investor caution. The divergence in Dow indices and the potential economic impact of a dock workers' strike could affect SPY's performance.
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IMPORTANCE 70
RELEVANCE 80