In last two weeks, market has managed to climb higher. The rally was driven by Fiscal Cliff deal and now earnings season is upon us. How higher will market go! Earnings season started last week, hence expect market to be volatile. During earnings season market experiences wide swings as volatility rises. Also lets not forget that US Debt sealing debacle will be in forefront by early February and as usual politicians won't act till the last moment. Below chart shows BPNYA is well above 70 mark and appears to be climbing higher. Typically, market has tough time to move higher once BPNYA is above 70, however remember its a probability not guarantee. Most likely market should experience sideways action or pullback/correction but it all depends on how earnings season unfolds. Daily NYSE chart continues to display bullish character, for now market is climbing higher. On weekly NYSE chart, we can clearly see market is near resistance around 8700 area. Earnings season will decide if market breaks out decisively or rolls over. What does it mean for our Investments?
Market continue to remain bullish... Comments are closed.
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