Market managed to bounce in an impressive V-shape rally in past few days, however can it sustain it! Is this the right time to get back in the market? What are charts telling us? BPNYA is well below EMA(30) but if market continues this rally then we shall get BUY trigger soon. Volatility ($VIX) is also appearing to subside as market bounces off the lows. Daily NYSE chart displays the impressive bounce so far, however now the rally is hitting against MA(200) resistance followed by MA(50) resistance. But RSI appears to move back above 50 mark which is encouraging. Weekly NYSE chart is NOT very encouraging yet! RSI is still recovering and trying to get above 50 mark while MACD is still trending lower. NYUD also has some work to do as it is NOT yet above EMA(21) and RSI is trying to get above 50 mark. Even though so far the rally is impressive, we are NOT out of the woods yet! Earnings season is underway and so far NOT very exciting. A minor pullback next week might help this rally if it is here to stay. Mid year elections are in two weeks as well as the announcement of last remaining taper by the Fed will come by end of this month. Also last two months of the year are seasonally bullish for the markets, hence probability of this rally to continue is higher. ONLY time will tell...
What does it mean for our Investments?
Market trying to come out of correction but be cautious...
1 Comment
Rahamim mishiyev
10/26/2014 07:10:53 pm
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