Market has managed to stage an impressive rally in last three weeks but can this momentum sustain!!! Coming weeks will tell us where this market is headed BUT what are the charts telling us!!! BPNYA is well below 70 mark and has managed to cross the EMA(30) triggering BUY signal, however we did mention that low risk entry was behind us and entering now can be risky. Volatility ($VIX) appears to have subsided BUT do not be complacent, this can change at any moment. NYSE is near ALL TIME HIGH but will it be able to break through it? Daily chart below suggest that market has to overcome resistance near HIGHs and we shall know the outcome in few days/week. As long as market remains above MA(50) continue to remain invested. Weekly chart below suggest caution BUT WHY?
NYUD chart below is also suggesting a possible pullback in coming weeks ahead BUT WHY?
Market is giving us subtle signals which are appearing to be visible in the charts above, that itself does not mean we will get a pullback but we certainly need to be cautious. Also be aware of geo-political tensions as they can change the outlook significantly.
What does it mean for our Investments?
Market near HIGHs but subtle signs are visible hence be cautious... Comments are closed.
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