What a come back! In past two weeks, market has snapped back and now close to challenging OLD HIGHS. All because of FED comments and of-course earnings seasons. But is this rally for real or mere BULL trap? Hard to tell, Isn't it!!! What to expect next? Last week, BPNYA crossed EMA(30) when it was below 70 mark which ideally triggers BUY signal. But MA(50) is above MA(200) and slopping downwards providing fuel to suspicion. NYSE shall soon challenge earlier HIGHs and time will tell if it can surpass it. On weekly NYSE chart, we an see some divergence forming between MACD and NYSE (shown by arrows). In 2011 we saw similar divergence following which market dropped, however it will take 1-3 weeks for action to show up on the charts. Confusion, Confusion!!!
Purely based on price, it appears as if market has resumed the BULL trend, however other indicators suggest otherwise. This leaves us with two options:
What does it mean for our Investments?
Market appears to be resuming BULL trend but needs more confirmation... Comments are closed.
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