Market pretty much gave back all the gains made during entire month of May. Moody's rating agency has warned that US needs to put its act in place else they will downgrade our debt rating status. In short, expect more volatility ahead and lot of drama in coming weeks/months. What should we be prepared for? Nothing changed in below BPNYA chart. BPNYA continues to remain above 70 mark cautioning about NOT to open new positions. Also volatility appears to be rising which shall drag the market down with lot of zig-zag action. Daily NYSE chart clearly shows how market lost all the gains made during month of May and back to the starting point. Market may find support near MA(50) line where it might try to stabilize and possibly try another bounce attempt. On weekly NYSE chart, it appears that MACD black line is about to cross red line suggesting change in short term trend. What does this mean for our Investments?
Market still in bullish trend, however be cautious and alert... Comments are closed.
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