Market has made tremendous progress from earlier this year and currently appears to be stuck in a narrow range. However, this week might decide the fate based on jobs report on Friday. What to expect!!! BPNYA close to 70 mark suggests to remain cautious, however volatility ($VIX) remains low for now. NYSE daily chart below displays a clear range bound action. Market managed to get bounce near 10,200 area and now appears to be headed towards resistance near 10,600 area. Weekly NYSE chart also displays resistance near 10,600 area. RSI remains above 50 mark giving benefit of doubt to BULLs for now. NYUD has also managed to stay above EMA(21) along with RSI remaining above 50 mark. Both signs are supporting bullish action. McClellan Index is making NEW High suggesting more stocks are participating in this rally. Overall signs appear to provide benefit of doubt to BULLs based on current charts. Market will have to overcome resistance and this weeks economic data might provide enough fuel.
Market Bulls get benefit of doubt, be cautious... Comments are closed.
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