Market has managed to surprise everyone by rallying so far and not showing any signs of weakness, however from past few weeks it appears as if the rally is loosing steam. A pullback would be healthy at this stage, let's see if charts are providing any clues! BPNYA is well above 70 mark suggesting to remain cautious. Daily NYSE chart is showing wide divergences with RSI, MACD as well as PPO. All suggesting to remain cautious in near term. Weekly NYSE remains strong as RSI is above 50 mark, however MACD might be turning over. Market may find support near 10000 area and continue to consolidate in narrow range. NYUD remains strong above EMA(21), however RSI just touched overbought condition. It would be wise to be cautious at this juncture. McClellan Index remains very strong as more stocks are participating in this rally. Overall, this market appears to have strong internals based on volume and stock participation, however in short term we may get further consolidation or pullback.
Market remains bullish , however be cautious for short term pullback... Comments are closed.
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