Past two months, market has been trying hard to breakout. However, after several attempts to stay above breakout level, eventually it has caved in and fallen back into the range. What does it mean going forward? BPNYA well below EMA(30) and appears to be dropping further, while Volatility ($VIX) appears to have changed the direction and rising slowly. If volatility continues to rise, market will experience further downside. False breakout is clearly visible in below daily NYSE chart. We can see failed breakout on weekly NYSE chart as well. RSI has dropped below 50 mark and MACD also appears to be heading down. NYUD could not hold onto NEW HIGH and eventually has dropped slightly below EMA(21). RSI is barely above 50 mark suggesting to be cautious ahead. Charts are giving us caution signals, market is unable to breakout successfully. Market is back into range, however as long as market remains above 10800 area, benefit doubt goes to BULLs.
What does it mean for our Investments?
Market may experience further downside remain alert... Comments are closed.
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