2017 is here - Wish all our readers a very happy, safe, prosperous and successful NEW YEAR ahead. After elections, market made significant gains which many of us may not be expecting and might have missed the train. However, now that we are in the NEW YEAR and market is at all time high and consolidating for few weeks, we should get ours ducks in the row. Earnings season is around the corner and with the way things are going, it appears that market may go into euphoria stage (sudden and significant gains in short period) as it went during 1983 period. BUT WHY? BPNYA is well into above 70 territory, however it can stay in that territory for extended period. As long as, volatility (VIX) remains at lower levels we do not need to worry, market will keep climbing slowly. Daily NYSE chart below shows that market is near HIGHs and no signs of any trouble so far. Weekly NYSE chart provides a better picture. RSI is above 50 mark and MACD is moving up. NYUD is well above EMA(21) which suggest that underlying volume for this bullish move in maket is very strong. McClellan Summation Index also suggest that more stocks are advancing than declining, in other words if stocks are advancing then market is bound to make new HIGHS in coming weeks/months. What does this all mean?
Market remains bullish with no concerning signs for now... Comments are closed.
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