Market could not sustain the bounce and appears to be vulnerable for further downside. Let's understand if charts are providing us with any directional probability. BPNYA could not penetrate EMA(30) while Volatility ($VIX) continues to remain around 20 mark, but can spike anytime. Hence its better to be cautious for now. Daily NYSE chart suggest that market could not overcome resistance near 9600 area. Market could remain stuck in a range as it appears to be the case from weekly chart, however a downward slide cannot be ruled out. NYUD is way below EMA(21) suggesting market in bearish mode. Below McClellan Summation Index provides a key information. Unless McClellan Summation Index starts rising soon, this market will have hard time to have any meaningful rally. Market remains vulnerable to further downside, hence it is wise to remain cautious.
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Market in bear grip... Comments are closed.
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