Market experienced sharp sell-off earlier this month and appears to be bouncing back. Earnings season is behind us and guidance from many companies is NOT good. FED taper talks are in the air, however housing stats are NOT looking good and debt debacle is ahead of us in September. So what shall we expect in near term? BPNYA is still above 70 mark hence no new signal is generated. Volatility appears to be rising this month which resulted in the market sell-off. market may attempt to bounce off from current levels and may even challenge earlier HIGHs, however be cautious. As we can see from daily NYSE chart below, market appears to be bouncing back. BUT will this be a real bounce or BULL TRAP!!! Divergence between NYSE and MACD can still be seen on the weekly chart below. Considering the divergence in the play, any bounce from here might be the last bounce attempt before this market rolls over. Market might bounce from current level and even challenge earlier HIGHs, however be cautious:
What does it mean for our Investments?
Market appears to be bouncing back, however be careful... Comments are closed.
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