Market is trying to find a catalyst in last three weeks and unfortunately earnings season was NOT able to provide one. Instead, earnings are NOT good and guidance appears to be very cautious. In addition to that we have "Taper Talks" in the news along with debt ceiling tough-of-war ahead of us in September. BUT for now congress is enjoying vacation hence market may continue to linger near current levels. What does this mean for us? BPNYA continues to stay well above 70 mark, hence opening new position is NOT advisable. Also volatility appears to have turned around but will it continue to rise, ONLY time will tell. Consolidation near HIGHS is visible in below daily NYSE chart. BUT it will need a catalyst to break through the resistance near OLD HIGH around 9700 area. On weekly chart NOT much has changed, divergence is clearly visible between NYSE and MACD (shown by arrows) What does it means for our Investments?
Market is trying to find a direction hence be cautious... Comments are closed.
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