Market relentlessly marched higher from mid December of 2013 in a very steep angle and as suggested earlier needs to cool down a bit. The bullish trend remains intact BUT pullback might be on the horizon... BPNYA remains above 70 mark while volatility ($VIX) stays near lower levels for now. On daily chart below, last Thursday's decline is very visible. As long as we stay in the rising wedge channel, market will continue to remain bullish. Market can find decent support near 10000-10200 level. On weekly chart, divergence still continues to play out and is NOT completely negated yet. NYUD is well above EMA(21) which also suggests that pullback might be near the corner. Market has managed to stage an impressive rally in later half of 2013 without a meaningful correction. Earnings season starts in a week from now which shall decide the market direction. Unless the earnings are stellar, it might become SELL the news event causing the much awaited pullback, ONLY time will tell...
What does it mean for our Investments?
Market continues to show bullish character for now... Comments are closed.
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